Slight drop on ASX today

The Australian share market closed slightly lower today, with gold stocks the only standout in generally flat trading.

At the close, the benchmark S&P/ASX200 index was 8.6 points, or 0.19 per cent, lower at 4429.6, while the broader All Ordinaries had dropped 3.7 points, or 0.08 per cent, to 4432.9.

On the Sydney Futures Exchange, the September share price index futures contract was eight points weaker at 4428, on a volume of 22,338 contracts, according to preliminary calculations.

IG Markets market analyst Cameron Peacock said the market had been trading flat for most of the day, but gold stocks had travelled well.

He said investors were catching their breath as they digested results from the recently-ended company reporting season and a lot of economic data this week.

"The good economic news is not being bought - that's a classic sign of the market running out of steam," Mr Peacock said.

He said the market had had a strong run upwards recently and investors were feeling more defensive for now, putting their money into gold stocks.

In the gold sector, Newmont jumped 52 cents, or 10.51 percent, to $5.47; Newcrest strengthened $2.27, or 7.67 percent, to $31.85 and Lihir surged 20 cents, or 7.19 percent, to $2.98.
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Among the major miners, BHP Billiton gained six cents to $36.70, and Rio Tinto dumped 71 cents at $55.39.

Oil and gas producer Woodside Petroleum retreated 81 cents to $46.44 and Santos gave away nine cents at $15.35.

Paladin Energy backtracked four cents to $4.51 as it rejected suggestions it in talks with Chinese and Korean companies about potential joint venture transactions.

Oil refiner Caltex fell 15 cents to $12.00 as its proposed $300 million takeover of 302 Mobil service stations came under fire.

In the banking sector, National Australia Bank lost 65 cents at $27.65, Westpac dipped three cents to $24.24, Commonwealth Bank reversed 53 cents to $44.98 and ANZ shed three cents at $21.15.

In the media sector, News Corp was off two cents at $14.90 and its non-voting stock was steady at $12.70. Fairfax rose 1.5 cents to $1.47 and Consolidated Media scraped off one cent to $3.13.

Telco Telstra picked up two cents to $3.29 and Optus-owner Singapore Telecommunications hovered at $2.62.

Retailer Woolworths fell 14 cents at $28.51 and Wesfarmers, which owns Coles, dropped 39 cents to $25.14.

Grocery wholesaler and distributor Metcash slipped three cents to $4.35 as it reached agreement to supply grocery and liquor products to the 45 supermarkets and eight aligned liquor stores that Foodworks will acquire from Coles.

- AAP