Banks, miners weigh heavily on Australian shares

Australian stocks closed more than 1 percent lower after being heavily weighed down by the banks and miners on Monday.

ASX/S&P 200 closed 1.33 percent lower to 5659.2 while the broader All Ordinaries index fell 1.22 percent, marking the largest fall in almost two weeks.

Australia's financials fell 1.91 percent, with the Commonwealth Bank of Australia (CBA) down 2.06 percent, Westpac falling 2.51 percent and the ANZ bank down 2.54 percent.

BHP Billiton spin-off South32 became Australia's fourth largest miner behind BHP, Rio Tinto and Newcrest after making a 10.9 billion Australian dollar debut.

BHP Billiton had a revised loss of 0.8 percent, initially 7.26 percent, after the deduction of assets to South32.

Energy stocks dropped 0.99 percent as Santos shares fell 3.07 percent, Oil Search down 2.53 percent and Woodside Petroleum closing with a 1.2 percent fall.

Stockbroking firm BBY ceased trading on the ASX after being placed into administration after the board could not secure enough investor capital to remain open. KPMG have been appointed voluntary administrators.

Meanwhile, Elders shares rose 5.35 percent after swinging back to a first half profit as a result of its turnaround strategy.

The Australian dollar closed at 80.12 U.S. cents, down from 80. 47 U.S. cents on Friday. Endi