Aussie shares declined for the first time this week on the back of mostly weaker international markets overnight.
At home most sectors closed above water, however IT, energy and materials weighed on the market.
The big four banks were mixed for the day; CBA was flat and NAB was up 0.4%.
Both banks announced they would cut their variable interest rate, by 0.4% and 0.32% respectively.
Westpac climbed 1% after reporting a 1% rise in cash earnings to $3.195 billion for 1H FY12, the result was slightly ahead of consensus forecasts of $3.11 billion.
The mining majors were mixed despite falls in commodity prices; BHP was flat, whilst rival Rio Tinto dropped 1.1%.
In the tech space, Iress Technology sank 5.3% after issuing a profit warning.
The ASX 200 shed seven points (-0.2%) to settle at 4429.