Further falls in the global oil price has weighed on Australia's energy sector, dragging the local market into the red on Wednesday despite recovering from early losses.
At the close on Wednesday, the benchmark S&P/ASX200 index was 5. 6 points, or 0.11 percent, lower at 5,197.3, while the broader All Ordinaries index was down 4.2 points, or 0.08 per cent, at 5,230.4. Banking stocks, which initially started the day deep in the red following Westpac's announcement of an interest rate hike and capital raising, scaring investors, managed to eke out gains by the end of the session.
Local analysts now believe a central bank rate cut in November is inevitable with a strong case for a further cut to Australia's official cash rate in early 2016.
The Commonwealth Bank gained 0.44 percent, ANZ lifted 0.49 percent, the National Australia Bank gained 0.90 percent while Westpac remained in a trading halt. BHP Billiton fell 0.52 percent while rival Rio Tinto lost 0.69 percent.
Gold miner Newcrest however gained 1.11 percent after a strong rise in the gold price. Oil Search dropped 2.99 percent, Santos slumped 6.83 percent while Woodside Petroleum slipped 1.59 percent.
Woolworths is 0.71 percent weaker while Wesfarmers fell 0.86 percent. Qantas rallied 1.88 percent while Telstra slipped 0.72 percent.
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