Shares traded within a fairly tight band on Thursday, as investor appetite for resources stocks failed to offset selling in banks.
With Wall Street quiet as investors prepared for Thanksgiving, the ASX slipped at the open and while it made a few attempts to bump back towards 6,000 points, it didn't have enough momentum.
Utilities and consumer discretionary plays were the worst performing sectors, with financials not far behind. A lift in the oil price gave investors cause to pour into energy names and resources stocks.
The benchmark S&P/ASX200 Index fell 0.2 points to close at 5986.2, while the All Ords dipped 0.1 points to 6067.5.
Coca-Cola Amatil was one of the worst performing companies on Thursday as investors fled after the soft drink manufacturer warned its $40 million spending program will impact earnings.
The stock closed down 4.9 per cent to $7.59 after touching their lowest level in almost a decade.
Resource giants BHP and Rio TInto finished the day 1.3 per cent and 0.4 per cent higher respectively, while Fortescue Metals missed out on the iron ore appreciation, finishing the day down 1.1 per cent to $4.64.
In the financials, Commonwealth Bank of Australia closed down 0.2 per cent to $80.88, ANZ was 0.6 per cent lower at $29.07, National Australia Bank was 0.7 per cent weaker to close at $29.74 while Westpac slipped 0.5 per cent to $31.61.
There was much chatter in the market around Amazon's arrival, namely the soft launch of its e-commerce website was on Thursday.
Department store group Myer finished up 0.7 per cent to 71?? while JB Hi-Fi closed down 11?? to $22.20 and Harvey Norman eased 1?? to $3.90.
Investors appeared pleased with Woolworths following its annual meeting with the stock closing up 10?? to $26.20, while Wesfarmers, owner of Coles, rose 0.2 per cent to $42.89.
It wasn't a great day for investors equipment finance company Thorn Group. Its shares plunged 9.8 per cent to 60?? after the company reported a $9.7 million first-half loss.
Webjet continued to slide on Thursday, closing down another 6.7 per cent, after the online travel agent's update on Wednesday and guidance for FY18 disappointed investors.
Market Movers
Stock Watch: Automotive Holdings Group
Automotive Holdings Group shares rallied more than 6.9 per cent to $3.70 after the company sold its refrigerated logistics business for $280 million cash to HNA. AHG was prompted to sell the business when it received an unsolicited approach, equivalent to an enterprise value of $400 million. AHG also provided a broader trading update that showed operating net profit at the end of October was down 3.1 per cent year-on-year because of regulatory changes impacting insurance income, and a soft Western Australia market. Meeting its full-year guidance for a "modest uplift in operating performance" is now dependent upon the timing of the sale to HNA.
Iron ore
A surge in Chinese coking coal futures has lit a fire under iron ore. Coking coal futures surged more than 5 per cent on Thursday to their highest level since mid-September, supported by tighter supply amid Beijing's environmental clampdown. Iron ore has been swept up in the jubilance, trading 4.3 per cent higher at $US65.17 a tonne. China's overall coal imports dropped 21 per cent in October from the previous month as the government moves to replace coal with cleaner fuel in the northern part of the country to meet tough air quality targets.
Oil
Oil prices remained near two-year highs on Thursday as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output. US West Texas Intermediate (WTI) crude futures were at $US57.95 a barrel during afternoon trade, down 7 cents from their last settlement, but still close to 2015-highs of $US58.15 a barrel reached the previous day. Brent crude futures, the international benchmark for oil prices, were at $US63.19 per barrel, 13?? below their last close.
US Fed Minutes
The US dollar tumbled after the minutes of the Federal Reserve's latest meeting showed some policymakers were concerned about persistently low inflation in a blow to rate hawks. The minutes of the Fed's October 31-November 1 policy meeting showed that Fed policymakers expect that interest rates will have to be raised in the "near term", reinforcing market expectations for the Fed to raise interest rates in December. The minutes, however, also highlighted concern among some of the members over the inflation outlook, with the emphasis placed on economic data in determining the timing of future rate rises.
Asian shares
Asian equities outside of Japan extended gains for a third day as traders looked past the high possibility of a near-term US interest-rate increase and still see room for growth in stocks in the region. Japan was closed for a holiday. The MSCI Asia Pacific excluding Japan Index climbed 0.53 per cent to $719 as of market close on Thursday. Hong Kong's Hang Seng Index rose 0.4 per cent, extending a six-day streak.