Australian stocks have closed lower for the fourth straight session as offshore worries prompted broad based selling on the local bourse. The benchmark S&P/ASX200 index was down 46.7 points, or 0.95 per cent, at 4,584.7 points, while the broader All Ordinaries index had fallen 46.7 points, or 0.99 per cent, to 4,661.6 points. It was the benchmark S&P/ASX200's weakest finish to a day's trade since March 16. On the ASX 24, the June share price index futures contract was 46 points lower at 4,584 points, with 35,904 contracts traded.

[Sign up to get this report daily]

Financial stocks were among the hardest hit, declining 0.99 per cent according to Iress data, due to European sovereign debt issues. ANZ fell 10 cents to $21.70, CBA lost 91 cents to $50.01, NAB ended down 51 cents at $25.98 and Westpac finished 12 cents lower at $21.72. Macquarie Bank was the worst-performing stock on the S&P/ASX50, backpedalling 2.73 per cent, or 92 cents, to $32.80. Consumer staples (down 1.34 per cent) and industrial stocks (down 1.3 per cent) also suffered, on a day where not one sector managed to end the session in green figures. Four stocks on the S&P/ASX50 finished higher, with Lend Lease bucking the overall trend the most with a 3.3 per cent, or 28 cent, jump to $8.70. The construction company and property developer said on Wednesday it was on track to deliver its target full year return on equity of 15 per cent.

In other news, Westfield said it was confident of delivering a strong performance across its portfolio this calendar year, adding that the mixed economic situation in Australia should improve. The stock finished down two cents at $9.01. Australia's major miners closed lower, but outperformed the broader market. BHP Billiton slipped 27 cents to $42.97, while Rio Tinto eased 29 cents to $78.72. The spot price of gold in Sydney was $1,521.50 per ounce, up $3.30 from Tuesday's closing level of $1,518.20. Newcrest closed down 43 cents at $37.62, while Kingsgate Consolidated ended off 11 cents at $7.68. The most traded stock by volume was pharmaceuticals and biotechnology firm Benitec with 81.4 million securities changing hands for $2.7 million. Benitec closed up three-tenths of a cent at 3.3 cents after the company said it had been granted a patent in Japan. Preliminary national turnover was 2.5 billion securities worth $5.4 billion, with 359 stocks up, 750 down and 382 unchanged.

The Australian dollar plumbed its lowest levels since mid-April Wednesday as global markets were rattled by reports the U.S. housing sector remains a key risk to its banks, while rumors of snap Greek elections also swirled through trading rooms. The Wall Street Journal reported that U.S. state attorneys general have told the country's five largest banks they could face liabilities of $17 billion or more in civil lawsuits if a settlement isn't reached to address improper foreclosure practices. The Greek rumors, while largely unsubstantiated, were nevertheless effective in sending the euro and the Australian dollar lower through the Asia trading day. Shares in South Korea, China and Japan also fell victim to the loss of confidence across the region, fueling more selling of so called high risk currencies like the Australian dollar. The Australian dollar was changing hands at $1.0450, down from $1.0540 late Tuesday. Against the Japanese yen, the Australian dollar was at 85.64, down from 86.18.

More from IBT Markets:
Subscribe to get this delivered to your inbox daily
Follow us on Facebook.
Follow us on Twitter.