Australian shares fell on Thursday as softer metal prices and technical selling drove miners and banks lower, pulling the index down for a third straight session. The Australian was weakened by a strengthening in the US dollar after the Federal Reserve kept US rates unchanged and characterised weakness in the economy over the first quarter as temporary.
The S&P/ASX 200 index closed 15.942 points, or 0.3 percent, lower at 5,876.4. The 'Big Four' banks were the biggest drag on the index losing between 0.6 percent and 1.7 percent. National Bank of Australia reversed trend to end 0.5 percent lower after having gained as much as 2.2 percent earlier in the session. NAB had posted a 2.3 percent rise in half-year cash profit, beating analysts' estimates.
Rio Tinto and Fortescue Metals fell 1.8 percent and 4.8 percent. BHP Billiton, however, crept up 0.1 percent. New Zealand's benchmark S&P/NZX 50 index was down 0.4 percent, or 27.43 points lower, at 7,378.41. The financial and healthcare sectors fell as Westpac Banking and Australia and New Zealand Banking declined 1.4 percent and 2 percent respectively, a third straight losing day.
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