The Australian sharemarket has closed lower, retreating after a one-month high on Friday.
At the close yesterday, the benchmark S&P/ASX200 index was 41.8 points, or 0.72 per cent, lower at 5735.4, while the broader All Ordinaries index was down 40.9 points, or 0.71 per cent, at 5734.0, according to preliminary figures.
Friday's 1.1 per cent rise was overheated, and investors decided to consolidate, IG market strategist Stan Shamu said.
"At the end of the month, fund managers tend to do a bit of rebalancing and some positioning heading into the end of the financial year," he said. "That really did skew the market to the positive side [on Friday] in a big way."
Commonwealth Bank shed 61c to A$84.48, NAB fell 29c to A$34.03, ANZ dumped 47c at A$32.72 and Westpac was 44c weaker at $33.12.
