The share market is lower as a shrinking Japanese economy worries investors.
Japan, the world’s third largest economy, contracted 0.4 per cent in the September quarter, a surprisingly weak result, and the second straight quarter of contraction.
Australian Stock Report senior equity analyst Benny Sada said the Japanese economic data had heightened concerns about slowing global growth.
The healthcare sector was also a weight on the market, he said.
“Healthcare companies fell on Wall Street and in Europe on Friday, that fed through to negative sentiment for our healthcare companies impacting local sentiment today,” Mr Sada said.
Blood products manufacturer CSL was down $1.17, or 1.5 per cent, at $78.74, Cochlear was down 92 cents at $71.46 and Ramsay Health Care was 78 cents weaker at $52.63.
Banks were also weaker, with Commonwealth Bank down 61 cents at $81.16, ANZ down 38.5 cents at $31.945, National Australia Bank was down 33.5 cents at $32.355 and Westpac was 35 cents lower at $32.68.
The only sector to rise was mining, with BHP Billiton up 21 cents at $33.46, Rio Tinto up six cents at $60.11 and Fortescue Metals up 10 cents at $3.15.
KEY FACTS
* At 1215 AEDT on Monday, the benchmark S&P/ASX200 index was down 25.7 points, or 0.47 per cent, at 5,428.6 points.
* The broader All Ordinaries index was down 21.7 points, or 0.4 per cent, at 5,412 points.
* The December share price index futures contract was 29 points weaker at 5,440 points, with 12,989 contracts traded.
* National turnover was 570 million securities worth $1.1 billion.
