Australian shares have fallen with the largest companies on the bourse, including banks and miners, weighing on the market.
Commodity price slumps overnight, including four-year lows for oil prices, and declines after a recent sharp rally in the overall market are contributing to the fall.
“The whole, general market is probably due for another breather considering how rapid the rise has been after a rapid decline,” IG market strategist Evan Lucas told AAP.
“I would not be surprised – and I believe this fairly strongly – should November be a negative month. It (the market) is due to come back to around 5400 points rather than the current 5500.”
Commonwealth Bank shares are down despite announcing an increased, $2.3 billion, first quarter cash profit that puts it on target for another record annual result.
Its shares were 28 cents lower at $80.49.
Meanwhile, Westpac was down 27 cents at $34.23, ANZ had lost 26 cents at $33.39 and National Australia Bank was 33 cents worse off at $34.28.
The falls come despite upcoming bank dividend pay-outs, which usually lead to a rally.
Among the major miners, BHP Billiton was down 46 cents at $33.55, Rio Tinto had lost 52 cents to $59.83 and iron ore miner Fortescue Metals was seven cents lower at $3.31.
KEY FACTS
* At 1220 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 32.3 points, or 0.59 per cent, at 5,587.6 points.
* The broader All Ordinaries index was down 31.9 points, or 0.58 per cent, at 5,466.3 points.
* The December share price index futures contract was down 38 points at 5,469 points, with 11,410 contracts traded.
* National turnover was 600 million securities worth $1.5 billion.
