Share market's strong run comes to an end
The Australian share market is lower as investors take profits after its seven day run of gains.
"Most sectors are trading in the red as there's a broad-based sell off," Bell Direct equities analyst Leanne Jones said.
"Investors are taking profits and are being cautious ahead of next month's reporting season."
The majority of companies on the market will publish their latest financial results in August, and that will give investors a clearer picture of economic conditions, she said.
The only sector defying the negative tone is the financial industry.
Commonwealth Bank had added 12 cents to $82.13, Westpac was up nine cents at $34.22, ANZ had gained five cents to $33.63 and National Australia Bank was three cents higher at $34.52.
Mining stocks have been dragged down by weaker iron ore prices again, with BHP losing nine cents to $38.97, Rio Tinto dropping nine cents to $65.16 and Fortescue flat at $4.57.
Telstra had shed three cents to $5.45, while consumer stocks were also in the red, with Woolworths down 22 cents at $36.00 and Wesfarmers 47 cents lower at $43.26.
Buxton Resources was one of the strongest performers, adding 13 cents to 47 cents after releasing positive drilling results from its Western Australian graphite project.
KEY FACTS
On Friday at 1200 AEST, the benchmark S&P/ASX200 index was down 12.8 points, or 0.23 per cent, at 5,575 points.
The broader All Ordinaries index was down 12.3 points, or 0.22 per cent, at 5,564.5 points.
The September share price index futures contract was eight points lower at 5,524 points, with 12,336 contracts traded.
National turnover was 847 million shares at a value of $3 billion.
