ASX slips on Thursday on weaker than expected job figures
Commonwealth Bank closed at a record high on Thursday, but it was not enough to lift the broader market as weaker than expected job figures and fears of the possibility the US would strike Iran weighed on the local market.
The ASX 200 closed marginally lower for the third straight day down 7.50 points or 0.09 per cent to 8,523.70.
The broader All Ordinaries also finished down on Thursday, dropping 16.50 points or 0.19 per cent to 8,741.40.
Australia's dollar slumped 0.66 per cent against the US dollar and is now buying 64.64 US cents.
Seven of the 11 sectors were lower with large falls in materials, information technology and utilities offsetting strong gains out of the financials and consumer discretionary sectors.
Shares in Australia's largest lender CBA soared during early trading as high as $183.23 before settling at $182.85.
This beat the previous record close of $182.
NAB shares also finished heavily in the green up 1.06 per cent to $39.12, Westpac soared 1.73 per cent to $33.59 and ANZ jumped 0.31 per cent to $29.13.
Offsetting a bounce in the financials were falls in the materials sector.
BHP slumped 1.98 per cent to $36.13, Rio Tinto sank 2.31 per cent to $103.55 and Fortescue decreased 1.73 per cent to $14.77.
Gold miners also slipped after a strong run with Northern Star Resources falling 0.97 per cent to $20.38 and Evolution Mining plunged 4.54 per cent to $7.78.
The market seesawed throughout Thursday's trading and was up slightly before the announcement of Australia's job figures.
In a surprise to the market, 2500 fewer Australians were employed in May compared to April.
Betashare chief economist David Bassanese said Thursday's employment data was no smoking gun for a rate cut.
'My base case remains that the RBA will hold fire on rates until the release of the June quarter CPI in late July,' he said.
'If the result confirms a continued decline in trimmed mean inflation to 2.6 per cent in line with RBA expectations, the RBA will likely cut policy rate by 0.25 per cent in August – so households may just need to wait another few weeks for further mortgage relief.'
The market also traded lower on fears as to whether the US would strike Iran, a move that Tehran warns would lead to retaliation on US interests in the area.
'I may do it, I may not do it,' US President Donald Trump told reporters outside the White House.
'I mean, nobody knows what I'm going to do.'
In company news fashion retailer KMD Brands which owns Kathmandu and Rip Curl fell 3.77 per cent to $0.26 after telling the market warmer autumn weather had a negative impact on sales.
WiseTech Global shares also fell 1.87 per cent to $106.89 on the back of news directors Charles Gibbon and Michael Gregg would leave the board.
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