Australian shares have fallen on the back of the escalating conflict in the Middle East. -AAP Image
Australian shares have continued to trade within a tight range as uncertainty hangs over the Israel-Iran conflict, but interest rate-sensitive stocks have improved on the back of a cooling labour market.
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The S&P/ASX200 edged down 0.1 point, or zero per cent, to 8,530.9, on Thursday as the broader All Ordinaries lost 9.8 points, or 0.11 per cent, to 8,748.1.
Seven of 11 local sectors finished lower, but a surprise drop in employment in May left the door open to a Reserve Bank interest rate cut in July, helping rate-sensitive sectors such as financials, real estate and consumer facing-stocks push higher.
The materials sector continued to weigh on the bourse, down 1.7 per cent as lumbering iron ore prices dragged on large cap miners and gold fell to a seven-day low.
The Australian dollar is slightly lower against the greenback, buying 64.66 US cents, down from 65.07 US cents on Wednesday at 5pm.
