Miners fared a little better, with shares in BHP Billiton easing 0.3 per cent to $42.20. A news report said the global miner is on track to complete its $US10 billion share buyback six months early, raising hopes of a fresh capital return to shareholders. Perpetual hits all-time low Shares in fund manager Perpetual dropped as much as 4.5 per cent to touch an all-time low after its star fund manager John Sevior was quoted as saying he may not return to the fund following a six-month break starting in July. Investors are worried that institutional clients will switch to other managers if Sevior does leave. The shares ended down 4.1 per cent to $24.50. Merger news centred on the mid-cap miners, with Western Australian iron ore miner Atlas Iron dropping 4.1 per cent and explorer FerrAus surging 23 per cent on a plan to combine their assets in the Pilbara region, followed by an agreed takeover of FerrAus.