ForbesShare prices closed mildly lower after the market pulled back from record highs reached yesterday as investors consolidated positions, dealers said.
They said oil stocks were responsible for much of the pull back but leading miners BHP Billiton and Rio Tinto held up, helped by reports that China’s steel mills had decided that supply tightness in the iron ore market means price increases are likely.
The S&P/ASX 200 ended down 9.1 points or 0.18 pct to close at 4,991.3 off yesterday’s record close of 5,000.4.
The key indicator managed to trade above the psychologically important 5,000 points barrier to a high of 5,003.1 but below Monday’s fresh intra-day high of 5,005.9 points. Today the index traded as low as 4,985.0.
The All Ordinaries Index fell 8.9 points to close at 4,952.7 off Monday’s all-time closing peak of 4,961.6.
BHP Billiton gained 0.08 aud to 25.32 while Rio Tinto climbed 0.23 to 73.08.
Dealers said volumes were healthy despite the flat market with hedge fund activity said to have driven trading.
