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Oct 27 (Reuters) - Australian shares closed at its lowest in a month on Thursday, after doubts over OPEC's ability to organise a coordinated production cut weighed on oil prices, and National Australia Bank's positive results were unable to soothe sentiment.
The S&P/ASX 200 index .AXJO ended 1.2 percent, or 64.3 points, lower to 5295.5.
Brent crude oil dipped below $50 on doubts that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers like Russia will be able to effectively coordinate output cuts to prop up prices. O/R
The energy index .AXEJ ended down 1.76 percent, its lowest since Sep. 29, dropping also for a fifth consecutive session. Oil major Woodside Petroleum Ltd WPL.AX closed at a four-week low while its peer Oil Search Ltd OSH.AX dropped 2.4 percent.
Gold and iron miners followed suit, with Newcrest Mining Ltd NCM.AX shedding 2.6 percent, while BHP Billiton (LON:BLT) Ltd BHP.AX ended down 1.44 percent.
Basic materials stocks posed the biggest drag on the benchmark.
Financials added to market woes regardless of National Australia Bank Ltd NAB.AX posting a 4 percent rise in annual cash profit, that beat street extimates. financials benchmark .AXFJ shut 0.7 percent lower.
New Zealand's benchmark S&P/NZX 50 index .NZ50 edged up 0.66 percent or 45.75 points to 6,941.95.
The rally was driven by industrials and utilities, with shares of Auckland International Airport Ltd AIA.NZ posting their biggest percentage rise in more than two weeks and electricity retailer Contact Energy Ltd CEN.NZ ending 1.47 percent higher.