The loss has pushed the market down for the second time this week, with the S&P/ASX 200 shedding 0.1% to 4169.2 points while the broader All Ordinaries also reversed 0.1% to 4209.9 points.

There was little local economic news out to lift investor sentiment, with figures from Roy Morgan revealing that unemployment in Australia had jumped to 9.7% in June, representing a 1.5% jump in a month.

“The refusal of the federal government, federal opposition and the Reserve Bank of Australia to acknowledge Australia’s true high unemployment estimate is a major concern as it allows the RBA to keep interest rates artificially high when they should reduce them by at least one per cent” the company said.

Most major Australian sectors lost ground, with basic materials dropping 0.4% and industrials shedding 0.1%.

A majority of the big miners posted losses, with BHP Billiton dropping 0.2% to $A32.42 and Rio Tinto falling 0.5% or 29c to $58.68.

Shares in Fortescue Metals Group took a hit, shedding 2.4% to $4.93.

Coal producer Aquila Resources managed to buck the trend gaining 3.4% to $3.03 after announcing it had received all relevant approvals to proceed with the $430 million sale of its 50% interest in the Isaac Plains coal mine.

Meanwhile, Murchison Metals absorbed a 1% drop to close at 48c after announcing it had been hit with a $5 million claim from a former advisor.

Meridian Resources requested a trading halt pending the announcement of a significant transaction, while Centaurus Metals went into a trading halt after it confirmed a proposed capital raising was in the works.

Blackfire Minerals also went into a trading halt, pending the announcement of a maiden resource estimate for the Desert Scheelite deposit at the Pilot Mt Tungsten project.

Ventor Resources was issued a speeding ticket after the ASX noticed a 12c jump in its share price to an intraday high of 57c, but was unable to provide an explanation for the price hike or the increase in the volume of trading.