The share market has closed lower as oil prices continue to fall.
“Lower commodity prices, in particular oil, are putting pressure on the key resources sectors here,” CMC Markets chief market strategist Michael McCarthy said.
“So in fairly light volumes, we are seeing the market under pressure once again.”
The energy sector drove Monday’s fall, and the resources sector was also weaker despite a jump in the price of gold, Mr McCarthy said.
Oil and gas producer Santos shed 40 cents, or 5.2 per cent, to $7.29, Woodside Petroleum dropped 70 cents to $36.35 and Oil Search eased five cents to $7.30.
BHP Billiton fell 65 cents to $28.51, Rio Tinto reversed 90 cents to $58.50 and Fortescue Metals was nine cents weaker at $2.69.
The continued rally in the gold price was the only bright spot on the market, Mr McCarthy said.
The country’s largest gold miner, Newcrest, added 30 cents, or 2.5 per cent, to $12.48.
Among the major banks, NAB dipped 31 cents to $33.92, ANZ weakened 16 cents to $32.23, Commonwealth Bank lost 39 cents to $85.65 and Westpac eased six cents to $33.34.
Telstra shed three cents to $6.04.
Fairfax Media nudged one cent higher to 88 cents after it announced it would buy the remaining 50 per cent of Victoria’s Metro Media Publishing.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was down 42.9 points, or 0.78 per cent, at 5,422.7 points, according to preliminary figures.
* The broader All Ordinaries index was down 40.6 points, or 0.75 per cent, at 5,399.5 points.
* The March share price index futures contract was 42 points lower at 5,380 points, with 17,606 contracts traded.
* National turnover was 1.04 billion securities worth $2.53 billion.
