The share market fell heavily again, its fourth day of losses in the last five.

The Reserve Bank’s decision to leave the cash rate unchanged at two per cent drove the Australian dollar more than a quarter of a US cent higher, and weighed on an already depressed share market.

Shares fell from the opening bell, despite no local drivers for such a move, Morgans senior private client adviser Bill Chatterton said.

A combination of profit taking by some investors and overseas leads of selling ahead of the northern hemisphere summer break may be to blame, he said.

“I just think the market run up got up to over 5,700 (last Friday) and the fundies are taking a little bit of money off the table,” he said.

Losses were posted across all sectors, excluding gold producers.

BHP Billiton dropped 86 cents, or nearly three per cent, to $28.33, Rio Tinto shed 93 cents to $56.49 and Fortescue Metals was flat at $2.38.

Commonwealth Bank dropped $1.48 to $83.00, ANZ declined 42 cents to $32.30, National Australia Bank shed 68 cents to $33.35 and Westpac was off 78 cents to $32.34.

Bucking the trend was New Zealand based transport group Z Energy, which soared $1.11, or 23.5 per cent, to $5.84.

It said it had acquired Chevron’s New Zealand interests, including service stations, for $NZ785 million.

KEY FACTS

* At the close on Tuesday, the benchmark S&P/ASX200 index was down 99.4 points, or 1.73 per cent, at 5,636 points.

* The broader All Ordinaries index was down 94.1 points, or 1.64 per cent, at 5639.9 points.

* The June share price index futures contract was down 107 points at 5,623 points, with 38,053 contracts traded.

* National turnover was 1.98 billion securities worth $5.1 billion.