The Australian share market closed slightly lower after energy stocks lost ground and Westpac and Macquarie Group traded without a dividend.
The benchmark S&P/ASX200 index was down 7.7 points, or 0.18 per cent, at 4,273.4, while the broader All Ordinaries index was 7.2 points, or 0.17 per cent weaker at 4,335.3.
On the ASX 24, the December share price index futures contract was down four points at 4,281 with 27,380 contracts traded.
Jamie Spiteri, senior dealer with Shaw Stockbroking, said trading activity was subdued and the market had followed Wall Street and European markets lower on the back of the Group of 20 nations meeting in Cannes, France.
At the weekend, political leaders in Greece sealed a historic deal to form a national unity government to haul the debt-wracked country, and the eurozone, back from the brink of disaster.
“Markets are reacting to every news headline regarding Europe at the moment,” Mr Spiteri said. “At the end, it’ll take some fairly committed political action for it all to be executed and time for it all to be resolved.
“The market is hesitant over how long it will actually take to get a convincing resolution … but there are some small steps in the right direction.”
Westpac and Macquarie Group traded without a dividend, dragging the local market lower, he added. Westpac’s shares dropped 97 cents, or 4.39 per cent, to $21.11, while Macquarie’s stock fell 96 cents, or 4.0 per cent to $23.04.
Other big commercial banks put in a mixed performance, with ANZ Bank adding 17 cents, or 0.81 per cent, to $21.19, and Commonwealth Bank gaining 29 cents, or 0.59 per cent, to $49.32.
National Australia Bank lost one cent to $25.18.
Mining giants BHP Billiton and Rio Tinto also slipped during the trading session, with BHP Billiton down 25 cents, or 0.66 per cent, to $37.70.
Rio Tinto gave up $1.17 or 1.67 per cent, to $68.80.
Oil and energy majors also sank into negative territory, with Woodside Petroleum declining 57 cents, or 1.55 per cent, to $36.10.
Explosives and mining services supplier Orica was a rare bright spot in the materials sector, gaining $1.11, or 4.57 per cent, to $25.41 after reporting a four per cent rise in underlying full year profit.
Gold major Newcrest Mining also moved higher, gaining 72 cents, or 2.06 per cent, to $35.72.
The spot price of gold in Sydney was $US1,770.50 per fine ounce by 1615 AEDT, up $US8.10 from Friday’s local close of $US1,762.40.
Computershare surged $1.14 or 15.62 per cent, to $8.44 after announcing it was free to close the acquisition of the share owner services business of the Bank of New York Mellon.
Preliminary national turnover was 1.55 billion securities worth $3.7 billion, with 455 stocks up, 514 down and 385 unchanged.
