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The Australian stock market ended weaker today, taking its cue from international markets which fell on uncertainty about the global political outlook following the assassination of Pakistan opposition leader Benazir Bhutto.
The benchmark S&P/ASX200 index closed down 11 points or 0.2 per cent to 6339.9, while the All Ordinaries lost 2.7 points or 0.004 per cent to 6423.7.
On the Sydney Futures Exchange, the March share price index contract was down 16 points to 6363, on a volume of 8,081 contracts.
The assassination Mrs Bhutto, who was a former prime minister of Pakistan, weighed down US markets, which lost more than one per cent overnight.
CMC Markets senior dealer Dominic Vaughan said the local market followed the US lower early in the session but did make up some of its losses as the price of gold and oil rose.
"US markets were soft last night, there was the global turmoil with the assassination and on the back of that we had oil and gold rise," he said.
"The energy sector had quite a good performance today, with stocks like Woodside Petroleum performing well.
"The financial sector again was under pressure and most of our banks have closed down.
"But Commonwealth Bank is back in positive territory.
"Overall, from where it was at the start of the day, it's recovered quite well."
In the resources sector, BHP Billiton closed down 59 cents, or 1.44 per cent, to $40.51, while Rio Tinto fell $1.41 to $134.00.
The energy sector benefited as the price of with crude oil climbed to US$96.62 a barrel, as US government data showed a decline in oil stocks and heightened tensions after the assassination boost crude oil futures.
Woodside Petroleum closed up 49 cents to $50.43, Santos was up 40, or 2.93 per cent, to $14.05 and Oil Search added two cents to $4.85.
The banking sector was mixed with Westpac declining two cents to $27.89 and National Australia Bank losing 25 cents to $37.79.
But ANZ lifted 12 cents to $27.52 and Commonwealth Bank added 36 cents to $58.88.
It was a similar story amongst media stocks.
Consolidated Media Holdings lost 17 cents to $4.25. News Corp shed 27 cents to $24.50 and its non-voting scrip lost 35 cents to $23.61. Fairfax declined six cents to $4.63, Seven Network fell seven cents to $12.80 but Ten picked up one cent to $2.75.
Telstra lost three cents to $4.69, while Optus-owner Singapore Telecommunication added six cents to $3.10.
The retailers also closed mixed. Harvey Norman lost five cents to $6.71, while Woolworths was unchanged at $33.90. Wesfarmers added 46 cents, or 1.14 per cent, to $40.75 and David Jones lifted two cents to $5.48.
Making news today, travel agency company Flight Centre Ltd has paid $31.1 million to acquire an office building in inner city Melbourne.
Flight Centre closed down 30 cents to $31.63.
Fortescue Metals Group rose for a sixth straight business day following last week's 10-for-one share split.
Shares in the iron-ore mining company, which are trading on a deferred settlement basis, closed up 17.64 per cent, or $1.27, to $8.47.
A major Chinese steel group has invested in Australian minerals explorer IMX Resources NL, buying a 9.99 per cent stake in the company and agreeing to purchase all the output from its Cairn Hill ore project in South Australia.
IMX closed up 11.67 per cent, or seven cents, to 67 cents.
The top traded stock was Flinders Diamonds, with 165.5 million shares trading worth $17.8 million.
The stock increased 2.8 cents to 12 cents.
Preliminary market turnover was 857.4 million shares worth $2.6 billion with 527 stocks higher, 537 lower and 361 unchanged.
- AAP