Aussie shares retreated today, giving back just over half of the gains made in yesterday’s session.
Still, it could have been a lot worse for the market, which was down more than 50 points at one stage.
The morning sell-off was sparked by last night’s poor finish on Wall Street, was attributed to fears of a trade war between Russia and the West following a stern warning from President Obama.
The energy and financial sectors led the afternoon recovery, whilst materials were the main drags on the market.
Energy stocks were buoyed by a rally in oil prices overnight. Woodside climbed 0.1% and Oil Search jumped 1.6%.
CBA was the only big four bank to record a gain, up 0.2%. Westpac shed 0.2% whilst NAB and ANZ were both flat.
Three mining majors suffered steep declines. Fortescue dropped 1.3%, BHP let go of 1.6% and Rio Tinto fell 0.8%.
Gold stocks were punished yet gain on the back of weaker bullion prices. Alacer Gold tumbled 8.8% and Newcrest gave up another 3.3%.
The ASX 200 lost 27 points (-0.5%) to 5350.