ASX closes lower after 'choppy' session

The Australian share market has closed marginally lower, with a fall in banking stocks outweighing slight gains for miners in a "choppy" trading session.

ASX board.

The futures market is pointing to a fall in the ASX at the start of trading. (AAP)

The Australian share market has closed marginally lower following a seesaw session.

The benchmark S&P/ASX200 index closed down 7.4 points, or 0.11 per cent, to 6,658 points at 1615 AEST on Tuesday, while the broader All Ordinaries fell 11 points, or 0.16 per cent, to 6,734.5.

"Today's market was a bit of a choppy session, kind of fluctuating between gains and losses, not too dissimilar to Wall Street overnight," said CommSec market analyst James Tao.

The energy, industrial, tech and banking sectors were all down between 0.5 and 0.7 per cent, while the typically defensive sectors of consumer staples, property and telecom posted gains of between 0.3 and 0.7 per cent.

The price of gold was at $US1,427, its highest level since August 2013, while Bitcoin was at $A16,000 for the first time since January 2018.

Two gold miners were the best performing stocks on the ASX200: Saracen Mineral Holdings was up six per cent to an all-time high of $3.85, while rival St Barbara gained 5.5 per cent to $3.08.

BHP was up 0.1 per cent to $41.24 and Rio Tinto gained 0.6 per cent to $102.38 while Fortescue Metals fell one per cent to $8.73.

Copper producer Sandfire Resources was the worst performer on the ASX200, falling 11.2 per cent after agreeing to acquire Perth-headquartered Botswana copper miner MOD Resources for $167 million, or 45 cents a share.

MOD shares jumped nine cents, or 29 per cent, to 40 cents.

All the major banks fell, with ANZ down 0.8 per cent to $28.45, Commonwealth Bank down 0.4 per cent to $82.38, Westpac down 0.2 per cent to $28.28 and NAB down 0.3 per cent to $26.85.

Domino's Pizza Enterprises fell 7.2 per cent to $36.30 after being hit by a class action lawsuit claiming its franchise employees were systemically underpaid from 2013 to 2018.

Collins Foods gained 0.65 per cent to $7.72 after lifting its dividend 1.5 cents to 10.5 cents, saying growth in app-based sales at its KFC restaurants had helped boost full-year profit.

Tech stocks were mostly down but "buy now, pay later" company Afterpay Touch gained for a sixth straight day, closing up 3.8 per cent to $25.72, and fully making up its losses stemming from concerns over its compliance with money laundering legislation.

The Aussie dollar is buying 69.60 US cents, from 69.55 US cents on Monday.

ON THE ASX:

* The benchmark S&P/ASX200 index was down 7.4 points, or 0.11 per cent, to 6,658 points at 1630 AEST on Tuesday.

* The All Ordinaries was down 11 points, or 0.16 per cent, to 6,734.5.

* At 1630 AEST, the SPI200 futures index was flat at 6,594.

CURRENCY SNAPSHOT AT 1630 AEST:

One Australian dollar buys:

* 69.60 US cents, from 69.55 US cents on Monday

* 74.50 Japanese yen, from 74.72 yen

* 61.06 euro cents, from 61.09 cents

* 54.48 British pence, from 54.53 pence

* 104.84 NZ cents, from 105.17 cents


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Source: AAP



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