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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 (xjo) 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) closed at a four-week low while its peer Oil Search Ltd (OSH) dropped 2.4 percent.
Gold and iron miners followed suit, with Newcrest Mining Ltd (NCM) shedding 2.6 percent, while BHP Billiton Ltd (BHP) 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) posting a 4 percent rise in annual cash profit, that beat street extimates.
The 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) posting their biggest percentage rise in more than two weeks and electricity retailer Contact Energy Ltd (CEN) ending 1.47 percent higher.
