The share market has fallen as investors remain cautious ahead of the release of corporate earnings reports.
The falls come despite a positive session on Wall Street, with the local resource and banking sectors weighing on the market.
Morgans Brisbane senior private client adviser Bill Chatterton said he believed some fund managers were booking their profits after a period of solid growth.
“There is a bit of taking money off the table happening,” Mr Chatterton said.
“A little bit of conservatism is coming into play just prior to the start of reporting season.”
The first release of earnings reports came on Tuesday, with hearing implants maker Cochlear the best received by investors.
Its shares were up $4.85, or 7.8 per cent, at $67.39 after the company reported a decline in net profit, but forecast growth in sales.
Toll road operator Transurban reported a 45 per cent rise in annual profit, but its shares were down four cents at $7.61.
Shares in engineering Group Downer EDI were down 20.5 cents, or 4.3 per cent, at $4.57 after a six per cent rise in profit.
In the resources sector, BHP had lost 27 cents to $38.03, Rio Tinto had fallen 25 cents to $65.18 and Fortescue was 7.5 cents weaker at $4.66.
Among the big four banks, Commonwealth Bank had dropped 29 cents to $82.29, ANZ was off 18.5 cents at $33.15, NAB had dipped 19 cents to $34.58 and Westpac was 19 cents weaker at $33.66.
James Packers’ Crown Resorts was one of the worst performers, falling 64 cents, or 4.1 per cent, to $15.18.
That extends its fall on Monday, which came after the company announced plans to develop a new casino in Las Vegas.
KEY FACTS
* On Tuesday at 1200 AEST, the benchmark S&P/ASX200 index was down 22.3 points, or 0.4 per cent, at 5,518.6 points.
* The broader All Ordinaries index was down 21.7 points, or 0.39 per cent, at 5,518.6 points.
* The September share price index futures contract was 19 points lower at 5,465 points, with 12,290 contracts traded.
* National turnover was 1.07 billion shares worth $1.8 billion.
