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Australian shares reverse track in trade

Xinhua, June 18, 2015 Adjust font size:

The Australian market reversed Wednesday's gains as broad falls sent the local bourse sliding more then 1 percent on Thursday.

The Benchmark S&P/ASX200 fell 1.24 percent to 5,526.1 points joined by the broader All Ordinaries, down 1.19 percent to 5,523.6.

IG chief market strategist Chris Weston told Business Review it certainly pays to be nimble as the index is forced into a new range.

"The Australian market has shown us once again that it is fast becoming one of the hardest markets to gauge," Weston said.

Financials lost 1.40 percent after the Warren Buffett effect that sent the banks higher Wednesday lost its shine.

ANZ slipped 1.49 percent, Westpac dropped 1.28 percent, the Commonwealth Bank of Australia (CBA) fell 1.26 percent and the National Australia Bank (NAB) retreated 0.72 percent.

The miners lost 0.94 percent overall after the price of iron ore slipped in overnight trade to just above 60.90 U.S. dollars per tonne.

BHP fell 0.71 percent, Rio Tinto dropped 1.93 percent while Fortescue Metals fell 4.05 percent. Endi