Aust shares close lower
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Investors dumped higher risk mining stocks, sending the Australian share market down more than one per cent on Friday.
At the close, the benchmark S&P/ASX200 index was down 48.0 points, or 1.12 per cent, at 4,221.5, while the broader All Ordinaries index was down 47.1 points, or 1.09 per cent, at 4,243.0.
The market gave up many of the gains made in recent days but was still up 0.2 per cent for the week.
On the ASX 24, the September share price index futures contract was 43 points lower at 4,185, with 31,365 contracts traded.
US and European stocks fell with investors disappointed that European Central Bank (ECB) chief Mario Draghi announced no immediate monetary measures to ease debt pressures in the euro zone.
The "watch and see" approach had left the market in limbo when many people had been hoping for a concrete bond buying program to reduce borrowing costs in Spain and Italy, said CMC Markets senior trader Tim Waterer.
"The ECB non-action dragged down commodity prices overnight and the euro," he told AAP.
"That plagued the Australian market today and in particular mining bellwethers BHP and Rio Tinto.
"The Australia market is particularly susceptible to any adverse movements in commodity markets."
The second-largest resources company on the ASX, Rio Tinto, dropped $2.40, or 4.4 per cent to $52.01.
BHP shares closed down 72 cents, or 2.3 per cent, to $31.30 after the world's biggest resources company wrote down the value of its American shale gas assets by $US2.84 billion ($A2.73 billion).
Iron ore miner Fortescue Metals shed 19 cents, or 4.4 per cent to $4.18 and gold miner Newcrest Mining retreated by 36 cents, or 4.7 per cent, to $23.08.
Securities in energy infrastructure company and takeover target Hastings Diversified Utilities Fund (HDF) were steady at $2.55 after after it reiterated recommendations securityholders accept a takeover offer from Pipeline Partners Australia (PPA).
Fellow suitor APA was four cents lower at $4.86.
One of the few shares to rise was ResMed, after the sleep disorder equipment supplier said its annual profit was up 12 per cent due to stronger revenue in the United States.
Sirius Resources shares have soared 1636 per cent in a fortnight following a WA nickel find, hitting a 99 cent high before easing back to close 17 per cent higher at 86 cents.
The price of gold in Sydney was $US1,591.45 per fine ounce, down $US8.94 on Wednesday's closing price of $US1,600.39.
National turnover was 1.4 billion shares worth $3.6 billion with 312 stocks up, 535 down and 348 unchanged.