The Australian share market’s early losses have gathered pace with the financial and energy sectors losing more ground.

The benchmark S&P/ASX200 index was down 25.7 points, or 0.40 per cent, to 6,385.5 points at 1200 AEST on Monday, while the broader All Ordinaries was down 22.9 points, or 0.35 per cent, to 6,450.3.

All four major banks were lower as all but CBA prepare to release their first-half results over the next week, dragging down the heavyweight financial sector by 0.79 per cent.

ANZ was down 0.58 per cent to $27.24, Commonwealth was down 0.64 per cent to $74.97, NAB was down 1.32 per cent to $25.33, and Westpac was down 0.65 per cent to $27.56.

Meanwhile, the energy sector fell 0.67 per cent after oil prices slumped three per cent at the end of last week.


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Santos, Woodside Petroleum, Oil Search, Origin Energy and Beach Energy were down between 0.41 per cent and 0.91 per cent.

The relatively small property trusts sector was the biggest loser in percentage terms, dropping 1.19 per cent.

In materials, mining giant BHP was up 0.69 per cent to $37.96, Rio Tinto was up 0.14 per cent to $97.76, and Fortescue Metals was up 1.18 per cent to $7.275.

Buy-now-pay-later company Zip Co was up 7.66 per cent to $2.67, and rival Splitit pay surged 21.08 per cent to $1.12 after both firms released positive quarterly updates.

Coles dipped 0.12 per cent to $12.585 despite reporting a 2.1 per cent increase in third-quarter food and liquor sales that the supermarket said was helped by its children-focused collectables campaign.

The Aussie dollar was buying 70.51 US cents from 70.25 on Friday.