News from AAP

Banks drag market into the red

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The Australian share market is lower, weighed down by losses among the big banks.

Three out of the big four banks were more than half a per cent lower, offsetting gains in the resources sector.

BHP Billiton and Rio Tinto were moderately higher, while OceanaGold was up by nearly seven per cent on the back of a stronger gold price.

Rising oil prices overnight fed into the energy stocks, with Origin leading the sector, up half a per cent.

KEY FACTS

* At 1202 AEDT, the benchmark S&P/ASX200 index was down 23.5 points, or 0.45 per cent, at 5,202.9 points.

* The broader All Ordinaries index was down 22.9 points, or 0.43 per cent, at 5,254.1 points.

* The December share price index futures contract was down 25 points at 5,205 points, with 12,416 contracts traded.

* At 1212 AEDT, national turnover was 1.1 billion securities worth $1.35 billion.