The Australian Bureau of Statistics released its private sector capital expenditure data for the first quarter, which were better than expected and showed that the mining industry was driving the increase.

ABS also released data that showed dwelling approvals fell in April, though Patersons Securities economist Tony Farnham said the statistics weren’t as bad the headline numbers indicated.

“The outsized fall seen in the April building approvals stats was in large part due to the start-up of the Building Act 2011 in Western Australia,” he said.

“This legislation has patently messed around with the flow of building approvals in that state – just 950 total dwelling approvals were booked in April versus 1781 in March and 1575 in February.”

Meanwhile, the S&P/ASX 200 fell 0.4% or 17.9 points to 4076.3 points.

BHP Billiton dropped 0.6% to $A31.97 while Rio Tinto lost 0.8% to $56.86.

Fortescue Metals Group fell heavily as Dow Jones Newswires reported that boss Nev Power told a conference today that once the company reached its 155 million tonne per annum capacity it would pause to repay debt.

FMG shares closed 4.3% or 21c down to $4.62.

Iron ore peer Mount Gibson Iron jumped 5.4% or 5c to 97c while gold producer Evolution Mining gained 5.9% or 9c to $1.62.

Current market darling Syrah Resources jumped 17% or 40c to $2.80 on more graphite results while major shareholder Copper Strike rode on its coattails, gaining 15% or 3c to 24c.

Copper-gold explorer Ventnor Resources was queried after its shares soared 28% yesterday and a further 10% to 50.5c today.

The company could offer no explanation for the jump.

Finally, Norton Gold Fields entered a trading halt pending news of its $220 million takeover proposal from China’s Zijin Mining.

The company will make an announcement tomorrow morning.