By the close of trade, the benchmark S&P-ASX 200 index had drifted back 4.4 points to 4064 points, pulled down primarily by the financials.
In the rock-kicking, dirt-digging side of things, the picture was a bit happier with the majors leading the way in a fairly quiet session.
BHP Billiton lifted a modest A20c to $37.10 as the market finished digesting its production report and what that might mean for its balance sheet, with analysts tipping the major’s earnings to fall by around $5 billion.
Rio Tinto had a stronger day, up 3% or $1.68 to $57.49.
Since July 13, Rio has rallied from $46.40 while BHP has risen from a low of $31.33.
Helping the sector out was copper, which reached a nine-month high overnight, rising to $US5386.75 per tonne with a small gain of 0.2%.
This lifted copper miners – OZ Minerals rose A7c to $1.15, also boosted by a new board appointment, ex-Newmont Australia managing director Paul Dowd.
Equinox Minerals gained 8c to $2.95, while Straits Resources was up 5c to $2.12.
Nickel fell back 1.7% to $US15,870/t and the other metals were mixed – zinc down, aluminium up, tin up and lead down, with none of the moves all that large.
Gold spurted up to $952.30 an ounce, giving life to gold plays – Newcrest Mining rose A25c to $30.64, Lihir Gold began the day higher but slid down 1c to $2.85 and Sino Gold gained 26c to $5.36.
Other movers of the session included coal and iron ore play Aquila Resources, which rose 39c to $5.89, a 7% gain.
Aquila managing director Tony Poli, who has been attending an Australia China Business Council seminar in Beijing, today delivered a talk all about the importance of Chinese mills and Australian iron ore producers working together to develop Australia’s resources, suggesting the company may be looking for some Chinese funds to help underpin development.
Aquila is currently working on development plans for its Pilbara iron project, which could potentially host a 30 million tonne per annum operation.
Junior movers of the day were Truscott Mining, up 2.3c to 7c, a 49% gain, although this was only on three trades totalling 50,000 shares.
Better supported by volume was Millennium Minerals, which rose 1c to 5.1c, a 24% rise, with some 5.6 million shares changing hands.
Most heavily traded stock was MKY Resources, up 0.3c to 1.8c, a 20% gain, after announcing it would merge with unlisted play Callabonna Uranium.
Some 61 million shares in the junior moved on the news of the merger and the capital injection that will come with it.
It was a tougher session for mid-tier coal miner Felix Resources, down 55c to $16.50, a 3% fall on no news, while minnow Astro Diamond mines dropped 0.3c to 0.6c, down 33%.
