Local stocks closed slightly lower today as financial and mining stocks turned negative despite an impressive lead in from global share markets and higher commodity prices. Further weakness in China's share market appeared to unnerve investors with the All Ordinaries Index (XAO) ending the day's trade down 5.1pts or 0.1pct to 4717.7. Over the course of the week, the XAO fell 1.3pct.

The financial sector was the biggest drag, losing 0.6pct with shares in Westpac (WBC) falling 0.8pct to $21.62 and the Commonwealth Bank (CBA) off 1.4pct to $48.81. The NAB (NAB) eased by 1.2pct to $24.07 while the ANZ (ANZ) was off 0.4pct to $22.49. Macquarie Group (MQG) dropped 0.1pct to $36.46.

Index leader BHP Billiton (BHP) fell 0.4pct to $43.61 while Rio Tinto (RIO) lost 0.1pct to $84.30. Iron ore miner Fortescue Metals Group (FMG) announced today it will go ahead with an $8.5 billion iron ore expansion, and may need to take on $4 billion worth of debt in order to do so. FMG shares closed down 0.5pct to $6.70. Gold producer Newcrest (NCM) finished lower by 0.6pct to $40.14 despite the Comex gold contract moving higher to US$1353.70 an ounce.

The energy sector finished higher thanks to a 1.1pct gain from Caltex (CTX) to $13.39. Santos (STO) lost 0.9pct to $12.69 while Woodside Petroleum (WPL) added 0.1pct to $41.01.

Telstra (TLS) closed up 2.3pct to $2.62 as it reiterated its FY guidance and committed to paying shareholders a 28c dividend for the financial year.

MAP Group (MAP) added 2pct to $3.07 on strong passenger traffic.

AWB Limited (AWB) ended the day's trade at $1.495 and will now be delisted from the stock exchange in the wake of the company's takeover from Canada's Agrium Inc.

The Australian dollar ended the day's trade at US98.42c, £0.6141 and €72.26c.

On the market overall, a total of 2.55 billion shares were traded, worth $4.9 billion. 597 were up, 489 were down and 415 were unchanged.

At 4.15pm AEDT on the ASX24, the December futures contract was at 4647, down 7pts.

No economic data is released tonight in the US.