The Australian share market has recovered some of the early losses but the miners and energy stocks continue to drag.

December 6, 2017

Gains by financial and telco stocks have failed to offset the mining and energy sectors’ falls with the Australian share market still down at midday.

The benchmark S&P/ASX200 stock index was down 11.7 points, or 0.2 per cent, at 5,960.1 points at 1200 AEDT with energy, materials, industrials, health, utilities and property all in negative territory.

Materials and energy stocks were the worst performers with BHP Billiton down 1.55 per cent at $27.32 and Rio Tinto 1.7 per cent worse off at $69.38.

Gold miner Newcrest was down 1.4 per cent to $2.29 after the price of the precious metal fell amid a strengthening in the US dollar.

Energy stocks also fell, despite oil prices settling higher overnight.

Santos was off 1.7 per cent, Origin Energy lost 1.4 per cent, while Woodside Petroleum was flat.

However, the big four banks were the bright spot.

ANZ led the group, up 1.05 per cent, National Australia Bank put on 0.6 per cent, Westpac gained 0.50 per cent and Commonwealth Bank improved 0.47 per cent.

Meanwhile, TPG Telecom shares rose 1.7 per cent after chairman David Teoh told the company’s annual general meeting he is confident the telco’s mobile and fixed-line projects will benefit shareholders over the long term.

But Incitec Pivot shares fell 2.8 per cent after the fertiliser and explosives maker warned that its 2020 and 2021 full-year profits will be hit by the end of a contract to supply ammonium nitrate prill to mining giant BHP Billiton.

Meanwhile, the Australian dollar has slipped back below 76 US cents.

The local currency was trading at 75.80 US cents at 1200 AEDT on Wednesday, from 76.48 on Tuesday.

ON THE ASX:

* At 1200 AEDT, the benchmark S&P/ASX200 was down 11.7 points, or 0.2 per cent, at 5,960.1 points.

* The broader All Ordinaries index was down 13.6 points, or 0.22 per cent, at 6,043.7 points.

* The SPI200 futures contract was down 12 points or 0.2 per cent at 5,968 points.

* National turnover was 2.4 billion securities traded worth $1.92 billion.