News from AAP

Banks weigh on market

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The Australian share market is one per cent lower, largely due to weakness in the big four banks and financial stocks.

All the major lenders have experienced heavy falls, with the Commonwealth Bank, National Australia Bank, and Westpac off by more than two per cent, while ANZ is down around 1.95 per cent.

The insurers have followed their lead with IAG down more than two per cent and QBE, AMP and Suncorp each slumping more than one per cent.

However, iron ore miners are providing a market buffer, with BHP Billiton up 1.63 per cent while Rio has soared 2.73 per cent.

KEY FACTS

* At 1205 AEDT, the benchmark S&P/ASX200 index was down 50.8 points, or one per cent, at 5029.7 points.

* The broader All Ordinaries index was down 48.8 points, or 0.95 per cent, at 5,081.1 points.

* The December share price index futures contract was down 51 points at 5,030 points, with 20,988 contracts traded.

* At 1223 AEDT, national turnover was 805 million securities worth $2.2 billion.