Banks a dampener for firm resources

The sharemarket closed slightly lower yesterday as it struggled to find any leads from the US or the domestic economic data that was released.
The ASX200 index was 3 points lower at 5424.9, while the All Ordinaries was down 2.7 points to 5412.5.
Macquarie Equities private client adviser David Halliday said that small rises in resources stocks were not enough to offset the drop in the banking sector.
"We have struggled to find direction all day," Mr Halliday said.
"Resource stocks have been giving the cues over the past few months and, despite rises in commodity prices, they failed to lift today and the selling in the banks was enough to offset the patchy strength elsewhere."
BHP Billiton managed a 7c improvement to $26.00 while Rio Tinto scratched out a 1c gain to $74.53. Oil and gas producer Woodside was steady at $37.50.
Among statistics out yesterday, official data on building approvals for October fell a seasonally adjusted 7.4 per cent, continuing a choppy run of outcomes in recent months, but preceding November's interest rate rise.
More up-to-date data on job advertising for November showed business hiring plans have deteriorated, according to the ANZ's monthly survey.
In New York, stocks had fallen on Friday after a manufacturing index showing its weakest reading in more than three years stoked concerns the US economic slowdown could be deepening.
The Dow Jones industrial average was down 27.8 to 12,194.1.
Back home, all the big banks were lower with ANZ leading the way south with a 30c pullback to $27.82.
NAB was 20c poorer at $38.40, the Commonwealth fell 8c to $47.04 while Westpac retreated 14c to $23.76.
Australia's fifth biggest bank St George was the exception with a 2c gain to $32.18.
Adelaide Bank fell another 30c to $12.65; last week it cut its profit growth estimate from 10 to between 6 and 9 per cent.
Insurance Australia Group, which acquired the UK's fifth largest car insurer Equity Insurance Group for £570 million ($1.4 billion), called a trading halt.
Its shares last traded at $5.64.
One sector that did perform well were the goldminers, which saw the value of the precious metal rise as the US dollar continued to weaken.
In $A terms gold is up 8 per cent in a month at over $820 an ounce.
"The weaker [US] dollar has seen some money flow into gold, which has benefited the gold miners," Mr Halliday said.
Newcrest improved 17c to $25.84, Newmont was up a penny at $5.91 while Lihir Gold jumped 10c to $3.17.
Media stocks were mixed with PBL faring the worst with a 59c plunge to $20.16.
News Corp eased 1c to $27.25 and the non-voters fell 7c to $26.03.
Fairfax put on 3c to $5.16 and Seven Network rose 9c to $10.50.