After a stellar start, the Australian share market has been reined in by disappointing Chinese manufacturing figures.
The market reached a new six-year high of 5,679.5 but sell-offs began when the latest reading on manufacturing activity in China fell below expectations.
OptionsXpress analyst Ben Le Brun said the materials sector was the hardest hit.
“We had the winds knocked out of our sails.”
“Really that (the Chinese data) was the only thing that was going to stop it, and stop it did unfortunately, with the pain being felt in the resource sector.”
BHP Billiton was down 10 cents, or 0.26 per cent to $38.03 after reaching a high of $38.53 in earlier trading.
Rio Tinto was down 38 cents, to $65.60 and Fortescue Metals was seven cents to $4.48.
It was a mixed picture amongst the big banks.
Commonwealth Bank was down three cents to $80.27, NAB was up 12 cents to $34.36, Westpac was up six cents to $34.94 and ANZ was down six cents to $33.21.
In other company news, Origin Energy’s annual profit grew 40 per cent, and its shares were up 59 cents to $14.78.
AMP’s half year underlying profit rose 16 per cent and the financial services company delivered a higher dividend, sending its shares 23 cents higher to $5.75.
Super Retail Group was another stock to rise, after the owner of Super Cheap Auto and Rebel forecast sales growth in the second half of the current financial year.
Its shares had added 46 cents to $9.18.
Breville Group was the stand out flunk of the session, down $1.62, or 18.58 per cent to $7.10 after chief executive Jack Lord stepped down.
Gambling firm Tatts was also down, dropping 21 cents, or 5.8 per cent, to $3.41 after its profit and revenue dropped.
Mr Le Brun said the market would be watching the start US federal reserve chair Janet Yellen’s address at the Jackson Hole seminar which begins on Friday.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was up 4.3 points, or 0.08 per cent, at 5,638.9 points.
* The broader All Ordinaries index was up 4.8 points, or 0.09 per cent, at 5,634 points.
* The September share price index futures contract was two points lower at 5604 points, with 30,936 contracts traded.
* Preliminary National turnover was $2.3 billion securities worth $6.6 billion.
