The share market has started the week on a negative note due to falls by the big banks.
The market’s weakness came despite positive overseas influences, including a gain on Wall Street, higher oil and gold prices and China’s better than expected monthly trade surplus.
“It was a little bit disappointing and could have suggested we would have had a positive day today,” Australian Stock Report senior equity analyst Benny Sada said.
“Let’s put it in perspective, we have had some really strong gains by the banks in recent times … it is profit taking and nothing sinister we can see.”
Westpac was trading without its final dividend on Monday, and fell by more than its 92 cent a share payout, to close down $1.37, or 3.9 per cent, to $33.47, according to preliminary data.
ANZ dropped 36 cents to $32.52, National Australia Bank dumped 24 cents to $32.98 and Commonwealth Bank was 20 cents weaker at $82.56.
Healthcare stocks also dropped, with Ramsay Health Care down $1.07 at $52.08, ResMed 13 cents lower at $5.90 and CSL 49 cents weaker at $79.47.
The resources sector partly offset those falls, with BHP Billiton up 19 cents to $34.68, Rio Tinto up 54 cents at $61.14, and gold miner Newcrest Mining 48 cents higher, or 5.5 per cent, at $9.27.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was down 25.1 points, or 0.45 per cent, at 5,524 points.
* The broader All Ordinaries index was down 20.7 points, or 0.37 per cent, at 5,501.4 points.
* The December share price index futures contract was down 13 points at 5,540 points, with 29,538 contracts traded.
* National turnover was 1.53 billion securities worth $4.1 billion.
