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Australian stocks end slightly lower on weak lead from Wall Street

Australian stocks end slightly lower on weak lead from Wall Street

The Australian share market weakened slightly on Thursday following declines on Wall Street.
The benchmark S&P/ASX 200 slipped just 5.1 points to 5,108.7 points. The All Ordinaries index fell 2.9 points to 5,075.8.
Most dealers were reluctant to read too much into the local market's resilience in the face of weak offshore markets but a number of senior traders emphasized the "weight of money" flowing into funds as a supportive factor.
"It just shows there is still a lot of money around," said Patrick Crabb, head of institutional sales at Goldman Sachs JBWere.
Overnight, U.S. stocks dropped after a series of economic reports left investors questioning whether the Federal Reserve might resume its string of interest rate hikes.
Simon Reed, a dealer at ABN Amro Morgans, said Thursday's result was "a pleasing close" given the market's weak performance early Thursday and the negative sentiment in the United States.
Mining giant BHP Billiton was the heaviest negative weight on the market falling 1 percent to A$27.48.


Updated : 2021-10-19 11:50 GMT+08:00