The share market has closed slightly lower as early momentum provided by a higher Australian dollar and commodity prices was outweighed by a negative response to US President-elect Donald Trump's first press conference in six months.
The share market has closed slightly lower as early momentum provided by a higher Australian dollar and commodity prices was outweighed by a negative response to US President-elect Donald Trump's first press conference in six months.
On Thursday AEDT, the benchmark S&P/ASX200 was down 4.6 points, or 0.08 per cent, at 5,766.9 points
The broader All Ordinaries index was down 2.1 points, or 0.04 per cent, at 5,821.6 points
The March SPI200 futures contract was down one point at 5,728 points, with 26,412 contracts traded.
National turnover was 2.9 billion securities traded worth $5.2 billion.
Shares rose in morning trade, particularly in the mining sector, after a fall in the US dollar overnight, which helped commodity prices, CMC Markets chief market strategist Michael McCarthy said.
The Australian dollar remains higher, trading at 74.59 US cents at 1630 AEDT, up from 73.79 US cents on Wednesday.
But that market's momentum lost steam, with investors disappointed with the lack of detail on policies provided by Mr Trump, Mr McCarthy said.
"We had negative momentum coming out of the US," he said.
"We'd seen a strong rally early in the session (in the US), but as the president-elect's speech wore on it became clear there was going to be no detail around the much-touted stimulus programs, and markets showed some disappointment.
"The evidence of that is in the performance across the Australian market today."
BHP Billiton gained 34 cents to $26.36, Rio Tinto added 59 cents to $62.87 and Fortescue Metals was 7 cents higher at $6.30.
The big four banks gave up their early gains, with Westpac down 3 cents at $33.43, ANZ adding 4 cents to $31.24, Commonwealth Bank up 3 cents at $85.03 and National Australia Bank 11 cents higher at $31.52.
Some stocks in the pharmaceuticals and biotechnology sector with large exposure to the US market were affected by Mr Trump's accusation that drug makers were "getting away with murder" with what they charge the government, and his vow to make changes.
Vaccines and blood products supplier CSL dropped $2.91, or 2.8 per cent, to $100.96, and cancer drugs supplier Mayne Pharma shed 5.5 cents, or 4.1 per cent, to $1.275.
"Healthcare was the worst performing sector on the US market at the close. It appears local investors have take similarly dim view of potential changes to healthcare in the US," Mr McCarthy said.
Troubled baby foods supplier Bellamy's Australia continued to slide, falling 95 cents, or 17.8 per cent, to $4.40 as some analysts downgraded the stock after the company replaced chief executive Laura McBain and warned of lower annual earnings.
