SYDNEY, July 10 (Xinhua) -- The Australian share market has ended lower on Tuesday, with broad losses across the utility, telecom and financial sectors.
At the close of market, the benchmark S&P/ASX 200 index was down 27.90 points or 0.44 percent at 6,258.10, while the broader All Ordinaries index was down 23.60 points or 0.37 percent at 6,342.80.
Commsec market analyst James Tao explained to Xinhua that pressure on Australia's big banks to tighten credit and lending practices was weighing on the financial sector today.
One of the worst performers, the Commonwealth Bank, fell over two percent.
Contributing towards losses were also the telecommunication, utilities and consumer staples sectors.
Energy stocks were flat, with materials the only positive performer.
Commodity and base metal prices overnight were generally higher, Tao said.
"That includes iron ore up around one percent so that was what boosted those particular stocks today."
In the financial sector Australia's big banks slumped, with the Commonwealth Bank down (2.19 percent), Westpac Bank down (1.04 percent), National Australia Bank down (0.57 percent) and ANZ down (1.03 percent).
Mining stocks sharply higher with BHP up (1.09 percent), Rio Tinto up (0.88 percent), Fortescue Metals up (0.69 percent), however gold miner Newcrest fell (1.80 percent).
The country's oil and gas producers were also mixed with Woodside Petroleum up (0.61 percent), Oil Search down (0.33 percent) and Santos down (0.63 percent).
Australia's largest supermarket chains differed with Wesfarmers down (1.28 percent) and Woolworths unchanged at (0.00 percent).
While telecommunications giant Telstra dropped (1.07 percent), the national carrier Qantas soared (1.69 percent) and biomedical firm CSL sank (0.73 percent).
