The share market is lower as investors follow a negative lead from Wall Street’s last session.
Friday’s big drop in high-growth companies in the US overshadowed a solid US jobs report, Bell Potter senior adviser Stuart Smith said.
“It was momentum stocks (mostly from the tech and biotech sectors) that have been sold and brought back to more reasonable levels in the US,” he said.
“We have followed the US and I suspect the market will consolidate.”
Local investors were also waiting for Australian economic data, most notably March jobs figures out on Thursday.
Among the big miners, BHP Billiton was down seven cents at $37.68, Rio Tinto was up 14 cents at $63.86 and Fortescue Metals was 2.5 cents weaker at $5.425.
Most of the big banks were lower, with National Australia Bank down 12 cents at $35.26, Westpac down 9.5 cents at $34.505, Commonwealth Bank 13 cents lower at $76.85, while ANZ was up eight cents at $33.45.
Most consumer sector stocks were lower, but retail heavyweight Wesfarmers was up 40 cents at $41.97 after selling its insurance arm for more than $1 billion to a global broking group.
Telstra was down two cents at $5.04.
KEY FACTS
* At 1200 AEDT on Monday, the benchmark S&P/ASX200 index was down 12.7 points, or 0.23 per cent, at 5,410.1 points.
* The broader All Ordinaries index was down 15.4 points, or 0.28 per cent, at 5,413.2 points.
* The June share price index futures contract was 16 points lower at 5,406 points, with 11,607 contracts traded.
* National turnover was 672 million securities worth $925 million.
