The S&P/ASX 200 finished 1.3% lower at 5442 points in what was a relatively quiet session for the local market.

At the top of the resource sector, BHP Billiton rose 0.1% to $A33.25 and Rio Tinto climbed 0.5% to $59.70 after losses in the previous two sessions.

Iron ore stocks were split after yesterday’s weak performance, but Fortescue Metals Group managed a 2.4% gain to $3.03.

Arrium remained on its downward trend and almost touched a new low before ending 3.4% lower at 28c.

At the smaller end of the mining sector, exploration updates managed to lift a number of companies into positive territory.

One positive move came from St George Mining, which jumped 12.7% to 8c after reporting more good news from work at its East Laverton property in Western Australia.

IMX Resources also leapt 13.2% to 1.7c following drilling results at the Chilalo graphite project in Tanzania.

Still on the positive side, Renascor Resources rocketed 48.1% to 4c after it announced plans to recommence drilling at multiple copper prospects within the Eastern Eyre project in South Australia.

In other parts of the market, the Australian dollar plunged about half a cent after Reserve Bank of Australia assistant governor Christopher Kent said intervention to push the local currency lower remained an option.

“We haven’t ruled it out. It’s still there, as an option, if needed,” he said.

The Australian dollar was last trading at US86.96c.