Aust share market closes lower
Market watch top headlines
The Australian sharemarket has closed lower after the release of disappointing US jobs data and concerns about China's economy.
On Monday, the benchmark S&P/ASX200 index was down 39.5 points, or 0.95 per cent, at 4,118.3 points, while the broader All Ordinaries index had shed 39.2 points, or 0.93 per cent, at 4,159.8 points.
On the ASX 24, the September share price index futures contract was 35 points lower at 4,090 points, with 20,557 contracts traded.
IG Markets institutional dealer Chris Weston said the worse than expected US non-farm payrolls report on Friday evening (Australian time) was the driving factor behind Monday's market fall.
"It(the decline) is the fallout from the jobs data," he said.
"Some people are calling the US the zombie economy - not dead, but not alive either."
Mr Weston said investors were also turning their attention towards China, where inflation came in at a softer than expected 2.2 per cent for the year to June, giving Beijing more room to fight a deepening economic slowdown.
Mr Weston said China would be releasing a lot of economic data this week, and investors were wondering how bad the growth-related figures might be.
On the local bourse, Iluka Resources plunged $2.82, or 24.1 per cent, to $8.88 after the mineral sands miner downgraded its 2012 sales forecasts because of deteriorating economic conditions.
Elsewhere in the resources sector, global miner BHP Billiton sagged 61 cents to $31.48 and Rio Tinto dumped $1.26 to $56.54.
Construction giant Leighton Holdings firmed three cents to $16.51 as it sold its Thiess Waste Management to Remondis AG & Co KG for $218 million.
Lend Lease scraped off one cent to $7.46 after it secured $2 billion in funding for its Barangaroo development on Sydney Harbour.
Among the major banks, the National Australia Bank was 11 cents poorer at $23.67, ANZ gave away eight cents to $22.50, Commonwealth Bank surrendered 31 cents to $53.78, and Westpac retreated 14 cents to $21.60.
Listed investment fund Mirrabooka climbed eight cents to $1.89 after its full year profit rose by 18 per cent.
The price of gold in Sydney was $US1,583.73 per fine ounce, down $US17.03 on Friday's closing price of $US1,600.76.
National turnover was 1.09 billion securities worth $2.82 billion, with 600 stocks down, 298 stocks up, and 319 unchanged.