Ahead of the local open SPI futures were 28 points higher at 6658.

The Australian share market has wiped out all of its gains from its three-day winning streak, and then some. The benchmark S&P/ASX200 index, which had gained 33.7 points between Friday and Tuesday, on Wednesday closed down 36.9 points, or 0.55 per cent, to 6,660.2 points.

The broader All Ordinaries finished 38.4 points lower, or 0.56 per cent, to 6,773.2 points. “A bit ugly out there today,” said CMC Markets chief market strategist Michael McCarthy. “We have quietly underperformed for the past six or seven sessions.”

The dip was particularly disappointing given the generally positive lead from Wall Street and a rally in commodity prices overnight, Mr McCarthy said, adding that it seemed like there was top-level selling from institutional investors going on. Every sector was lower save for materials, with industrials falling the most, 1.8 per cent. Road operator Transurban dropped 2.3 per cent, Sydney Airport dropped 2.9 per cent and Auckland Airport fell 2.2 per cent. Medibank Private dropped 8.5 per cent to a nearly six-month low of $3.11 after warning that claims had risen faster than expected and it expected that trend to continue.

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