The S&P/ASX 200 dropped 0.4% or 21.3 points to 5400.7, hitting an intraday low of 5379.9 and a high of 5422 points.

For the week, the index lost about 11 points.

Basic Materials was the worst sub-sector today, losing 1%.

BHP Billiton dropped 0.7% or A29c to $37.95, while Rio Tinto lost nearly 0.4% or 23c to $65.25.

After hitting an 18-month high of $5.84 on Wednesday, Fortescue Metals Group shares dropped 4.2%, or 24c, to $5.46 on huge volume.

More than 130 million shares changed hands, compared with just 26 million yesterday.

Bloomberg reported that CIMB sold around 91 million shares at $5.50 per share on behalf of major shareholder, Canada’s Teck Resources, citing an unnamed source.

Smaller iron ore miner Gindalbie Metals dropped 7.1% to 13c.

While most resource stocks fell, uranium miner Paladin Energy was a standout with a 5.2%, or 2c rise to 40.5c.

After dropping to $US1301.90 an ounce overnight on further US tapering fears, spot gold last traded at $1309.50/oz.

Most gold miners fell today, including Newcrest Mining, which fell 2.5% or A25c to $9.88.

Perseus Mining gained 2.5% or 1c to 41c on Ivory Coast drilling results, while St Barbara dropped 7% to 32.5c after announcing a short-term hedging program.

Yesterday, St Barbara slumped nearly 16% to 35c after its credit rating was downgraded by Moody’s Investors Service.

Junior Dampier Gold fell 40% to 2.1c, while Redstone Resources jumped 40% to 4.5c, both on thin volume and no news.