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Australian market slips on cautious trade

Xinhua, November 25, 2015 Adjust font size:

Caution heeded the Australian market on Wednesday as stocks slipped in the wake of rising Middle East tensions overnight with investors seeking safe havens.

At the close, the benchmark S&P/ASX200 index was down 32.7 points, or 0.63 percent, at 5,193.7, while the broader All Ordinaries index was down 31.8 points, or 0.6 percent, at 5,245.2.

Energy stocks were supported by gains in oil overnight on renewed tension in the oil rich Middle East following the downing of a Russian jet on the Syria-Turkey border, underlying unresolved tensions over how to end the conflict.

"The ASX has followed regional markets down as concerns over the Middle East saw a pullback in global equities," IG market strategist Angus Nicholson said.

Santos bounced 4.20 percent, Woodside Petroleum closed flat percent while Oil Search is 1.08 percent weaker.

Gains in commodities overnight saw the local sector trade higher for most of Wednesday. However late selling pushed the big players into the red.

Rio Tinto lost 0.59 percent, rival BHP Billiton dipped 0.20 percent while gold miner Newcrest rallied 1.33 percent.

The National Australia Bank is down 0.84 percent, ANZ fell 1.19 percent, the Commonwealth Bank of Australia dropped 0.80 percent while Westpac slipped 0.03 percent.

Wesfarmers slipped 1.28 percent. However Woolworths is 1.37 percent stronger.

Qantas is down 1.63 percent and Telstra fell 1.11 percent. Endit