The Australian share market slipped and the local currency surged as investors digested a surprise dip in the country’s unemployment rate.
The benchmark S&P/ASX200 index was down 25.6 points, or 0.38 per cent, to 6,710.9 points at 1200 AEDT on Thursday, while the broader All Ordinaries was down 26.9 points, or 0.39 per cent, to 6,816.3 points.
Tech shares had the steepest falls, sliding 1.67 per cent, while the materials sector slumped 1.59 per cent after iron ore futures tumbled.
Mining giant BHP was down 2.32 per cent to $35.205, Rio Tinto was down 2.58 per cent to $87.495, and Fortescue Metals was down 3.29 per cent to $8.22.
The tech sector was pulled down by a 5.75 per cent drop in Afterpay shares and a 9.48 per cent fall for Wisetech Global before trading in its stock was paused.
The big four banks were mixed, with ANZ up 0.07 per cent to $28.18, Commonwealth flat at $80.445, NAB up 0.74 per cent to $28.095 and Westpac down 0.10 per cent to $29.21.
Bank of Queensland was 2.69 per cent lower after the lender announced a 14 per cent drop in full-year earnings.
Bendigo and Adelaide Bank was down 0.88 per cent, while Macquarie Group was down 0.24 per cent.
But IOOF was up 10.30 per cent to $7.015 after ANZ agreed to lower the price that the wealth manager would have to pay for its pension assets by 13 per cent.
IAG was up 0.57 per cent to $7.995 after the insurance company said it was selling its stake in Indian firm SBI General.
Property trusts lost 0.78 per cent, with segment heavyweight Scentre Group sinking 2.62 per cent, and the consumer staple sector retreated 0.69 per cent.
Healthcare and energy shares were the best performing sectors, advancing 0.33 per cent and 0.17 per cent respectively.
The seasonally adjusted unemployment rate edged lower from 5.3 per cent to 5.2 per cent in September, the Australian Bureau of Statistics said.
The release of the jobs figures sparked a 0.5 per cent surge in the local currency’s value against the US dollar.
The Aussie dollar is buying 67.86 US cents from 67.38 US cents on Wednesday.
AAP
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