The sharemarket fell slightly yesterday as traders took profits in financial stocks and other defensives, while continuing to buy miners after China's benign March inflation data sparked an upturn in commodity prices.
The benchmark S&P/ASX 200 closed down 0.2 per cent at 4968.0 points, after rising 1.5 per cent on Tuesday. Share-trading volume remained healthy, at $5.4 billion, well up on the 20-day moving average of $4.6bn.
Banks did most of the damage, falling between 0.7 per cent and 1.2 per cent, after rising between 1.4 per cent and 2.7 per cent on Tuesday.
Healthcare, consumer staples, consumer discretionary, utilities and property also underperformed. CSL, Woolworths, News Corporation and AGL Energy were down between 1.1 per cent and 1.6 per cent.
QBE Insurance fell 2.3 per cent after its biggest shareholder, Aberdeen Asset Management, said it had reduced its stake from 13.9 per cent to 12.9 per cent last Friday.
