Sharp drop for shares
The share market has suffered its biggest one day fall in five weeks as investors retreated from the major banks and some of the big miners.
"There's a few factors at play but overall it's just nervous trading for the market, and looking forward to some key events towards the back end of the week," IG market strategist Stan Shamu said.
Those invents include a US Federal Reserve meeting and data on Chinese property prices, plus the Scottish independence vote.
The local banks had been "overcooked" and were pulling back from a long run upwards, Mr Shamu said.
"It's just a short term move. I don't think it's anything that will be sustained in the longer term," he said.
National Australia Bank dropped 45 cents to $33.80, Westpac dumped 48 cents to $33.77, ANZ shed 46 cents to $32.37 and Commonwealth Bank fell $1.31 to $78.92.
Investment bank Macquarie Group bucked the trend, adding 60 cents to $58.55 after forecasting a rise in annual profit.
A slowdown in Chinese industrial production weighed on some mining stocks, but some investors believe a lot of miners now look like good buys given their low price.
Several traders were also punting that the latest disappointing economic data from China could generate more economic stimulus measures in China, which would benefit Australian miners.
BHP Billiton dropped 15 cents to $35.64, Rio Tinto dipped 23 cents to $61.66, while Fortescue Metals firmed two cents to $3.96.
Telstra lost five cents to $5.49.
KEY FACTS
At 1625 AEST on Monday, the benchmark S&P/ASX200 index was down 57.6 points, or 1.04 per cent, at 5,473.5 points.
The broader All Ordinaries index was down 56.9 points, or 1.03 per cent, at 5,475.4 points.
The September share price index futures contract was down 64 points at 5,474 points, with 81,383 contracts traded.
National turnover was 1.85 billion securities worth $4.0 billion.
