Australian market closes down

The Australian share market closed in negative territory as investors sat on the sidelines after the busy reporting season.

The benchmark S&P/ASX200 index closed down 10.5 points, or 0.23 per cent, at 4479.1 points, while the broader All Ordinaries index lost 11.8 points, or 0.26 per cent, to 4484.1 points.

On the Sydney Futures Exchange, the September share price index contract was one point higher at 4484 on a volume of 31,487 contracts.

"I think we are taking a bit of a breather after a pretty satisfactory reporting season," Austock Securities senior client adviser Michael Heffernan said.

"It (the market) has been vacillating a bit I might say.

"It was up a bit earlier today but there is nothing to write home about with a decline like this."

Mr Heffernan said financial stocks were the outstanding sector on Monday.

"The trading update from the ANZ bank has had a big impact. It (ANZ shares) skyrocketed up," Mr Heffernan said.

ANZ said it may be headed for profit growth in fiscal 2010, with its still rising bad debt levels likely to flatten next half.

Shares in ANZ rose 83 cents, or 4.06 per cent, to $21.29.

National Australia Bank shares rose 67 cents to $28.48, Commonwealth Bank increased 85 cents to $46.00, Westpac was up six cents at $24.37, and Macquarie Group increased $1.85 to $50.80.

Mining giants BHP Billiton and Rio Tinto both recorded falls.

Mr Heffernan said profit taking was behind the declines, with BHP Billiton losing $1.05 to $36.80 and Rio Tinto off $1.19 cents to be $56.11.

Shares in miner CBH Resources fell 0.5 cents to 10 cents, after the company more than doubled its annual loss on weaker lead and zinc prices.

Gold miners fared better, with the local spot price of gold at 1615 AEST worth US$954.80 per fine ounce, up US$4.18 compared to Friday's close of US$950.62 per ounce.

Lihir Gold shares rose five cents to $2.77, Newcrest ended up 81 cents at $30.01 and Newmont Mining added nine cents to $4.88.

Energy stocks had a poor day, after oil prices fell sharply.

Woodside Petroleum fell 70 cents to $49.00 and rival Oil Search was off 10 cents at $6.27.

Santos fell nine cents to $15.80 and Origin Energy dropped seven cents, to $15.31.

Among the media stocks News Corp fell 39 cents to $15.20 while its non-voting scrip dropped 33 cents to $15.20.

Fairfax Media increased one cent to $1.47 and Consolidated Media edged up four cents to $3.19.

- AAP