The Australian share market has closed lower for the first time in seven days following losses by the mining, energy and financial sectors.
The benchmark S&P/ASX200 index finished 18.9 points, or 0.29 per cent, to 6,491.8 points on Thursday, while the broader All Ordinaries was down 13.8 points, or 0.21 per cent, to 6,584.3.
“What’s encouraging is that the market bounced off the lows of the day,” said CommSec market analyst Steven Daghlian, who called Thursday a “rest day” for the market after the six-day winning streak.
“A bit of profit-taking as well,” he said.
The energy sector was the biggest loser, down 1.26 per cent, after oil prices dropped following an unexpected rise in US crude inventories.
Woodside Petroleum was down 1.1 per cent to $36.99, Oil Search fell 1.8 per cent to $7.58 and Santos was down two per cent to $7.21.
The financial sector was down one per cent as a whole, with all of the big banks in the red following a strong performance earlier in the week.
Westpac was down 2.26 per cent to $28.16, Commonwealth Bank was down 1.1 per cent to $78.15, ANZ dropped 1.6 per cent to $27.94 and NAB was down 1.4 per cent to $25.78.
Miners were also down following a drop in metal prices, with BHP falling two per cent to $37.32 and Rio Tinto down 0.7 per cent to $100.98.
Other sectors were positive, with tech stocks up 1.6 per cent and consumer discretionary shares up two per cent.
Pokies manufacturer Aristocrat Leisure was the best performer on the ASX200, up 7.1 per cent to $28.40 after lifting its first-half profit 15 per cent to $356.5 million.
Wesfarmers gained 1.56 per cent to $37.70 after entering into a scheme implementation deed to buy lithium miner Kidman Resources for $1.90 per share.
The $776 million takeover could be completed by September, assuming courts and Kidman shareholders agree to it.
Kidman shares rose 0.9 per cent to $1.90, having risen 47 per cent since Wesfarmers announced the takeover offer.
The Reject Shop was down 7.5 per cent to $2.10 after the discount retailer said it expected a full-year loss and announced store closures and the exit of its chief executive.
Kogan.com shares fell 6.4 per cent to $5.85 after the Australian Competition and Consumer Commission said it would sue the retailer for allegedly misleading discounting practices.
Kogan denied doing anything wrong and said it would defend the lawsuit.
Fonterra shares were down 0.51 per cent to $3.94 after the New Zealand-based dairy processor cut its full-year guidance and said it would close a century-old factory in western Victoria that employs 98 people.
Drought conditions in the state represent “the new norm for the Australian dairy industry and we need to adapt,” chief executive Miles Hurrell said.
The Aussie dollar continued to slip, buying 68.70 US cents, from 68.79 US cents on Wednesday.
It hasn’t lingered this long under 70 cents since early 2016.
ON THE ASX:
* The benchmark S&P/ASX200 index was down 18.9 points, or 0.29 per cent, to 6,491.8 points at 1630 AEST on Thursday.
* The All Ordinaries was down 13.8 points, or 0.21 per cent, to 6,584.3.
* At 1630 AEST, the SPI200 futures index was flat at 6,493.
CURRENCY SNAPSHOT AT 1630 AEST:
One Australian dollar buys:
* 68.70 US cents, 68.79 from Wednesday
* 75.76 Japanese yen, from 75.97 yen
* 61.67 euro cents, unchanged
* 54.47 British pence, from 54.23 pence
* 105.89 NZ cents, from 105.87 cents