THE sharemarket finished lower as weaker commodity prices weighed on the nation's biggest mining stocks.
At 4.15pm AEST, the benchmark S&P/ASX200 index was down 26 points, or 0.5 per cent, at 5165.7 points, while the broader All Ordinaries index was down 29.1 points, or 0.56 per cent, at 5144.2 points.
RBS Morgans director of equities Bill Chatterton said big mining companies suffered the largest falls, while the rest of the market was peppered with varying results.
"The local market is mixed on a whole range of areas and we've pulled back into the defensives," Mr Chatterton said.
"Tuesday's budget didn't really do anything for investor confidence so we are taking our cues from overseas."
Among the major mining houses Rio Tinto fell 1.9 per cent, or $1.09, to $54.68 while BHP Billiton fell 0.79 per cent, or 27c, to $33.76.