The Australian share market is in retreat, giving up almost half of the gains it accumulated in last week’s five-day winning streak.
The benchmark S&P/ASX200 index was down 64.7 points, or 0.96 per cent, to 6,686.6 points at 1200 AEST on Monday, while the broader All Ordinaries was down 59.4 points, or 0.87 per cent, to 6,772.4.
Property trusts slumped 1.90 per cent, leading losses by midday, while utilities shares collectively shed 1.72 per cent.
Goodman Group was down 2.61 per cent to $15.65, Mirvac down 1.96 per cent to $3.255 and Vicinity Centres down 2.42 per cent to $2.625.
Among utilities, APA Group fell 1.70 per cent to $11.00 while AGL dropped 2.09 per cent to $20.65 and AusNet was down 1.17 per cent to $1.8925.
The mining sector fell 1.23 per cent on lower iron ore prices, with BHP down 1.59 per cent to $40.63 and Rio Tinto down 1.75 per cent to $102.11.
Tech shares were the only sector able to eke out gains, advancing 0.09 per cent.
The big four banks were all lower, with ANZ down 0.96 per cent to $27.88, Commonwealth down 0.86 per cent to $81.55, NAB down 0.95 per cent to $26.715 and Westpac down 1.04 per cent to $28.055.
The ASX was up two per cent over the last week on Friday after posting gains every day of an entire week for the first time since October.
Strong US jobs data for June released on Friday lowered the prospect of the country’s central bank deciding on a hefty cut to interest rates and boosted the US dollar.
The Aussie dollar is buying 69.84 US cents, from 70.17 US cents on Friday.