The share market’s stellar run has come to an end as a sharp drop in Chinese imports caused weakness in the mining sector.
Australia’s biggest trading partner, China, posted its sharpest slide in imports in more than five years, indicating a drop in demand for coal and iron ore.
The trade data set the tone for a weaker day on the market, as investors stayed on the sidelines after a run of 12 consecutive sessions of gains, IG Market analyst Stan Shamu said.
“It’s been a very good run and it seems some consolidation is warranted,” he said.
“Traders are looking to take profits off the table and investors aren’t quite convinced they should be buying at these levels.”
Investors are waiting for the release of financial results from Commonwealth Bank and Telstra later in the week, Mr Shamu said.
“These results have to come in very strong for investors to remain happy pushing them higher,” he said.
BHP Billiton dropped 32 cents to $31.23, Rio Tinto dipped 29 cents to $60.31 and Fortescue Metals was four cents weaker at $2.50.
Most of the energy players benefited from a recovery in crude oil prices, with Woodside Petroleum up 18 cents at $35.67, Oil Search up one cent at $8.29, while Santos slipped two cents to $8.08.
The banking sector was mixed, with Commonwealth Bank down five cents at $92.93 and National Australia Bank down one cent at $37.20, while ANZ added eight cents to $34.98 and Westpac gained nine cents to $37.05.
Fairfax Media dropped 8.5 cents, or 8.9 per cent, to 87.5 cents after mining billionaire Gina Rinehart sold her entire 14.99 per cent stake in the newspaper publisher and digital media company.
Protective gloves and condom maker Ansell gained $1.24, or 5.4 per cent, to $24.30 after a 34 per cent rise in half year profit.
The healthcare sector was an area of strength, with CSL gaining $1.71 to $90.16 and Ramsay Health Care up 94 cents at $61.79.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was down 5.3 points, or 0.09 per cent, at 5,814.5.
* The broader All Ordinaries index was down 4.6 points, or 0.08 per cent, at 5,770.1.
* March share price index futures contract was eight points higher at 5,760, with 22,795 contracts traded.
* National turnover was 2.1 billion securities worth $4.6 billion.
