Just slightly on the other side from up
The stockmarket closed just over the line in negative territory with a weak lead from the US and mixed commodity prices weighing on the market.
At the close, the ASX 200 index had lost 1.9 points to 5333.5, while the All Ordinaries shed 0.7 to 5303.7.
At 1618 AEST on the Sydney Futures Exchange, the December share price index contract was down one point to 5338, on a volume of 7101 contracts.
Macquarie Equities client adviser David Halliday said the banks were the leaders in a lacklustre day.
"The banks have been strongly led by CBA, it's a seasonally strong period for them," Mr Halliday said.
"It's not a bad performance by the market considering the Dow was a little bit down on Friday and commodity prices were mixed.
"I think the market has taken some confidence from the fact the Dow has broken through that 12,000 point mark and done it with some conviction."
On Friday, the Dow Jones industrial average closed down 9.36 points at 12,002.37.
Locally, the Commonwealth Bank surged 64c higher to $47.09 after saying it was on track to meet or better peer growth in cash earnings per share and earnings momentum had been maintained.
The NAB gained 6c to $37.66, Westpac was up 5c at $23.58, and ANZ fell 2c to $28.21.
Other financial stocks were mixed with Macquarie Bank rising $1.01 to $74.20 and St George shedding 24c to $31.98.
The big miners were mixed with BHP Billiton edging 13c higher to $27.88 and rival Rio Tinto shedding 22c to $77.05.
"There has been a renewed interest in the commodity stocks, BHP and Rio have had strong runs and garnered a lot of investment support over the last week," Mr Halliday said.
Mr Halliday said the media stocks gave back some profit after a stellar run last week.
"It looks like there has been a reasonable amount of profit taking there … they have all had good runs and they were absolutely the centre of investor attention last week," Mr Halliday said.
Among the media stocks Fairfax lost 5c to $5.00, PBL fell 50c to $19.70 and News Corp was down 7c to $28.79 while its non-voters slipped 17c to $27.58.
Retailing was also in negative territory with Coles Myer down 15c at $13.40, David Jones down 3c at $3.68 and Harvey Norman down 7c at $3.65.
Woolworths slipped 17c to $20.55 despite posting a 21 per cent increase in sales to $10.7 billion for the first quarter.
Energy stocks followed the trend of the oil price with Woodside losing 83c to $37.67, Santos 11c to $10.48 and Oil Search falling 10c to $3.47.
The spot gold price was lower and at 1644 AEST was trading at $US591.80 an ounce, down $US10 from Friday's local close.
The goldminers were also in the red with Newcrest falling 12c to $22.28, Newmont giving up 11c to $5.65 and Lihir losing 5c to $2.79.
The most traded was Perth nickel hopeful Australian Mines with 105 million shares changing hands worth $10 million. The shares hit a new high of 11c and closed up 1.9c at 10.5c.
Budding producer Tanimi Gold fell 5c to 16c after saying it was behind in installing the gold production circuits.

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