8 July 2005, 11:45  Share prices closed lower in choppy trading as the market sought direction

Share prices closed lower in choppy trading as the market sought direction after the London terrorist attacks, dealers said. They said investors were prepared to sit the end of the week out waiting for global markets to assess the impact of the terrorist attacks although indications from trading after the bombings showed the economic impact was likely to be limited. Dealers said the market managed to move into positive territory during the trading session but eased with little in the way of local news to provide momentum. The S&P/ASX 200 closed down 4.8 points or 0.11 pct at 4,229.2 off a high of 4,244.0 and a low of 4,213.6, extending losses for three consecutive trading sessions. Over the week, the key market indicator lost just over 1.0 pct. The broader All Ordinaries index ended down 3.8 points at 4,193.8. Dealers falls in key resources stocks BHP Billiton and Rio Tinto were driven by fears that renewed terrorist attacks could slow global economic growth. Also contributing to market weakness was the selling of gaming stock Tattersall's which listed on the market yesterday at close to a 20 pct premium to the initial public offer price paid by retailer investors. Dealers said some of the beneficiaries of the former trust, established in 1881, elected to take advantage of strong demand to offload their holdings. Tattersall's joined the ranks of the top 100 companies listed on the Australian Stock Exchange, ending today with a market capitalization of 2.42 bln aud.

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