The S&P/ASX 200 reached an early low of 5161 points and failed to turn around the losses, finishing the day 40 points lower at 5188.

The basic materials sector was also down 0.4%.

Metals were mostly lower in London, with the gold spot price shedding 0.3% to $US1263.14 an ounce.

The Australian dollar was slightly lower at US87.3c.

On the local market BHP Billiton finished 0.5% lower at $A36.69 and Rio Tinto was steady at $65.80.

Fortescue Metals Group also finished 1.3% lower at $5.23 after releasing its quarterly report.

Several local gold stocks finished lower with Augur Resources dropping 18% to 5c and Latin Gold losing 10% to 2.7c.

Gold explorer Condoto Platinum was down 10% to 4.5c after releasing its quarterly report.

Despite the wider losses, some companies managed to book gains, with Dragon Energy the standout, up 53.8% to 8c.

Regal Resources also rose 11.1% to 5c after announcing plans to start drilling at the Kalongwe copper project in the Democratic Republic of Congo.

Elsewhere, iron ore explorer Volta Mining was up 12.5% to 9c and Archer Exploration rose 8.3% to 19.5c.

Teranga Gold was up more than 10% at one point before finishing 9.4% higher at 87c, while iron ore-focused Nevada Iron was down 11.5% to 85c.

Companies entering trading halts today included Segue Resources, Resource and Investment, and Kibaran Resources.