Shares slip despite strong miners Australian shares closed down 0.2 per cent after a rally in resources, driven by higher iron ore prices, was offset by a retreat in financial shares as investors booked profits. The benchmark S&P/ASX 200 index shed 8.8 points, or 0.2 per cent, to 4968.0, whjile the broader All Ordinaries lost 6.5 points, or 0.1 per cent, to 4973.7. Among the major sectors, materials jumped 1.6 per cent, but financials lost 0.7 per cent and consumer stapled shed 1 per cent. All four big banks lost ground with Westpac slipping 1.2 per cent and Commonwealth Bank down 1.0 per cent. "Banks are having a bit of profit-taking day," said Evan Lucas, a market strategist at IG Markets in Melbourne. "But why the ASX is also negative is because their weighting is so big on the market here," he added, noting that financials make about 34 per cent of the index. Global miners BHP Billiton and Rio Tinto advanced 1.7 per cent and 2.7 per cent respectively. Fortescue Metals gained 3.7 per cent. OZ Minerals led the advance in gold miners, surging 6.6 per cent to post the biggest one-day percentage gain since September 2011. Resources stocks look cheaper after the sell-off earlier this year, said Credit Suisse equity strategist Damien Boey. They've become very cheap. People are looking for any sign of stability in world growth or China as maybe a sign to buy some of the cheaper stocks," Mr Boey said, noting stabilising commodities prices also helped miners. China, Australia's biggest trading partner, record a mild trade deficit of $US884 million in March as a forecast-busting 14.1 per cent year on year surge in imports eclipsed export growth of 10 per cent. The Chinese trade data justified the strong play of resources in the Australian market, but failed to lift the index significantly. It did however buoy the Australian dollar, lifting it to a more than three-month high of $US1.0515. "Perhaps just a moderately positive reaction to the figures but nothing really of significance," said Steven Daghlian, a market analyst at Commonwealth Securities in Sydney. Defensive stocks were mostly weaker, as supermarket chain Woolworths and rival Wesfarmers declined 1.1 per cent and 0.9 per cent respectively. Shares in Billabong, which had been on a trading halt since last week, plunged 26.7 per cent, after the company said it was in talks over a takeover proposal valuing it at $287 million, 45 per cent lower than indicative offers. A measure of consumer confidence fell in April to end three months of solid gains, a reminder of how brittle the mood can be despite low interest rates and a brighter global background. Blood products maker CSL lost 0.6 per cent, and Telstra dipped 0.2 per cent. Energy stocks were mixed, with gas explorer Woodside Petroleum down 1.2 per cent and Origin Energy inching up 0.5 per cent. Beach Energy jumped 3.9 per cent after the oil explorer said it signed major gas sales agreement with Origin Energy.