THE Australian share market has closed lower on fears that US markets will react badly to the latest earnings figures from iPad and iPhone maker Apple.
At 1615 AEDT on Friday, the benchmark S&P/ASX200 index had dropped 38.1 points, or 0.84 per cent, to 4,472.4 points, while the broader All Ordinaries index had fallen 37.2 points, or 0.82 per cent, to 4,496.3 points.
On the ASX 24, the December share price index futures contract was 34 points lower at 4,465 points, on volume of 22,856 contracts, according to preliminary calculations.
On Thursday, Apple missed Wall Street earnings expectations for the second straight quarter, as iPad sales fell short of analyst forecasts.
IG Markets market strategist Stan Shamu said investors on Friday had found no reason to drive the local market higher.
"Some will point to Apple's disappointing result and, obviously, fears that US markets will trade lower once re-opening," he said.
"Apple is a good bellwether for the market, and with such a negative result some just feel that there is no way the US (market) will take it lightly later on.
"That's probably one of the main drivers for the weak sentiment."
Among the major banks, ANZ lost 15 cents to $25.23, Commonwealth Bank was off 45 cents at $56.85, National Australia Bank slipped 10 cents to $25.90, and Westpac surrendered seven cents to $25.19.
Investment bank Macquarie Group jumped $1.04 to to $30.85 after job cuts and lower costs helped it deliver a rise in first half profit.
Wealth manager AMP sagged 16 cents to $4.53 despite increasing its cash flows in the third quarter of calendar 2012 due to growth in self-managed superannuation funds.
In the resources sector, BHP Billiton retreated 51 cents to $33.86, and Rio Tinto reversed $1.05 to $56.45.
Whitehaven Coal dumped 15 cents, or 4.69 per cent, to $3.05 as the shares came out of a trading halt and the company said thermal coal prices had plunged to below the cost of production.
Acer Energy added 0.5 cents to 29 cents as directors advised shareholders to take no action in relation to a takeover offer from Drillsearch Energy.
Among other stocks, transport and logistics firm Toll Holdings nudged up one cent to $4.28 as it said it wants to take a greater share of the parcel delivery business from Australia Post.
Shopping centre operator Westfield Group scraped off one cent to $10.57 as it said it had been appointed to develop, design, construct and manage a shopping centre in northern England.
Preliminary national turnover was 2.06 billion securities worth $5.6 billion, with 571 stocks down, 385 up and 345 unchanged.
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