The Australia share market continues to slide on negative leads from Wall Street and weaker commodity prices.
Declines in the base metals and oil prices overnight, combined with further falls in US and European equity markets on Friday, are weighing on the local market, CommSec market analyst Juliana Roadley said.
It fall also follows a more than 1.3 per cent slump on the local bourse on Friday.
“The retail sales figures were better than expected, so we might see some of those retail consumer staples gaining a bit of ground,” she said.
“The company earnings season begins in earnest tomorrow, so I think people are also holding back.”
Australian retail spending rose 0.6 per cent in June, official figures released on Monday morning show.
Economists had forecast retail spending to rise 0.4 per cent in June and fall 0.5 per cent over the June quarter.
Meanwhile, Treasury Wine Estates’ shares have jumped 20.5 cents, or 4.14 per cent, to $5.155 after US private equity firm KKR lifted its takeover offer for the Penfolds owner.
Shares in oil and gas company Roc Oil have also soared after the company’s board backed a new $474 million takeover offer from Chinese heavyweight Fosun Group.
Roc Oil shares were up four cents, or 6.35 per cent, to 67 cents.
Roc’s recommendation that shareholders accept the offer sidelines its proposed $800 million merger with fellow oil and gas company Horizon Oil.
As a result, Horizon Oil shares shed three cents, or 6.35 per cent, to 34 cents.
James Packer’s Crown Resorts was down 15.5 cents to $15.85 after announcing a fresh bid to enter the Las Vegas casino market through the purchase of a site on the famous Strip.
The big four banks and the major miners were all down, while consumer staples and the property stocks bucked the trend to be the only sectors, apart from gold, to be higher.
KEY FACTS
* On Monday at 1200 AEST, the benchmark S&P/ASX200 index was down 24.8 points, or 0.45 per cent, at 5,531.6 points.
* The broader All Ordinaries index was down 23.3 points, or 0.42 per cent, at 5,524.3 points.
* The September share price index futures contract was 23 points lower at 5,476 points, with 17,448 contracts traded.
* National turnover was 532 million shares worth $925 million.
