The share market is weaker as the financial sector comes under pressure from investors taking profit.
It is the fourth straight day of falls for the market, after posting gains in the past four weeks, IG Market analyst Evan Lucas said.
“Defensive stocks have been the driver of the last four weeks and it looks like there’s been a bit of profit taking,” he said.
The resignation of Westpac chief executive Gail Kelly was another factor behind its share price fall, he said.
“She’s been a standout CEO and that’s why Westpac is off quite strongly,” Mr Lucas said.
Westpac had lost 45 cents to $32.88, Commonwealth Bank was down 65 cents at $81.20, ANZ had dropped 18 cents to $32.03 and National Australia Bank was 29 cents lower at $32.36.
Property groups were also weaker, along with the energy sector.
The big miners were mixed, with BHP Billiton down 1.5 cents at $33.18 but Rio Tinto up 15 cents at $59.56 and Fortescue Metals steady at $2.96.
Grains handler and marketer GrainCorp had dropped six cents to $8.48 as it said this year’s harvest from the eastern states was likely to be below average amid hot, dry conditions.
KEY FACTS
* At 1200 AEDT on Thursday, the benchmark S&P/ASX200 index was down 27.4 points, or 0.5 per cent, at 5,435.7 points.
* The broader All Ordinaries index was down 25.2 points, or 0.46 per cent, at 5,417.8 points.
* The December share price index futures contract was down 39 points at 5449 points, with 11,145 contracts traded.
* National turnover was 490 million securities worth $1.3 billion.
