Sellers return from a bad meal
The stockmarket closed weaker with concerns about a possible interest rate rise helping spark an after-lunch sell-off.
Macquarie Equities private client adviser Helen Spencer said there had been profit taking across the board.
"We have seen a lot of money coming out of the market this afternoon and there is probably a little bit of anxiety ahead of what the Reserve Bank might say."
The ASX 200 fell 37.3 points to 5273.1 while the All Ordinaries was down 32.8 to 5222.4.
St George Bank has overcome the lagging economy in its home state of NSW to lift its net profit by 9.1 per cent to $502 million in the first half. However, the bank's shares fell 59c to $30.37.
National Australia Bank fell 31c to $37.37, Westpac 11c to $25.15, the Commonwealth 47c to $46.63 and ANZ 9c to $28.12.
The big miners made a strong start but lost momentum, with BHP Billiton sliding 9c to $30.38 and Rio Tinto steady at $81.55.
A rise in the oil price overnight helped oil and gas stocks defy the market gloom, with Santos up 7c to $11.93 and Woodside climbing 50c to $48.40. Oil Search fell 7c to $4.35.
Amadeus Energy rose 15c to $1.27 after it announced 100 feet of total net pay from an exploration well at Halletsville in Texas.
Aristocrat Leisure slumped $1.03 to $14 after the poker machine maker said it expected a drop in first-half profit in Japan, although that would be offset by strong growth in the company's other markets.
Westfield Group fell 24c to $16.86 despite the shopping centre owner saying it was confident it could meet its 106.5c distribution forecast for the financial year.
Austar United Communications rose 1.5c to $1.265 after the regional pay TV provider reported a 29 per cent rise in first quarter profit and signed an agreement with ThoroughVisioN to show live horse racing.
IT supplier IBA Health rose 13.5c to $1.27, the best it's been since the tech crash, closing up 1.5c at $1.15 after it upgraded its profit guidance.
Telstra dipped 5c to $3.92 and was the top traded stock of the day by volume, with 41.6 million shares worth $164.19 million changing hands.
John Fairfax fell 6c to $3.89, PBL was down 22c to $18.33 and WA News dropped 18c to $8.24.
Coles Myer rose 11c to $10.83 while Woolworths fell 15c to $18.70.
Gold stocks were sold off after their strong performance on Monday, with Newcrest Mining down 89c to $22.61, Lihir Gold 9c weaker at $3.23 and Bendigo 3c worse at $2.36.

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