Banks and miners weigh on share market
The share market is lower as the big four banks and resources companies suffer significant falls.
Shares were being weighed down by lower commodity prices, ongoing concerns about conflict in Iraq and Syria, and talk the US Federal Reserve will lift interest rates more quickly than expected over the next few years, CommSec market analyst Steven Daghlian said.
"This is the 11th time in 14 days that we are in the red and there are a number of drivers for this," he said.
The big four banks were among the worst performers, all with losses of around one per cent or more.
Commonwealth Bank was down 76 cents at $77.05, Westpac was down 40 cents at $32.77, National Australia Bank was down 48 cents at $33.52 and ANZ was 40 cents weaker at $31.52.
In the resources sector, sliding iron ore and gold prices were taking a toll.
Rio Tinto was down $1.06, or close to two per cent, at $60.53, BHP Billiton was down 23 cents at $35.25 and Fortescue Metals was 12 cents lower at $3.64.
Another stock to fall heavily was laboratory testing services group ALS, which was down 74 cents, or 10 per cent, at $6.23 after the company warned its half year profit is likely to fall 36 per cent.
KEY FACTS
At 1200 AEST on Monday, the benchmark S&P/ASX200 index was down 36.9 points, or 0.68 per cent, at 5,396.2 points.
The broader All Ordinaries index was down 36.7 points, or 0.67 per cent, at 5,400.6 points.
The December share price index futures contract was down 35 points at 5,391 points, with 13,049 contracts traded.
National turnover was 767 million securities worth $1.3 billion.
