Aussie share market opens lower

The Australian share market opened lower with the banks and the materials space setting to drag on the index on Monday.

At the open on Monday, the benchmark S&P/ASX200 index was down 19.5 points, or 0.35 percent, at 5,511.4 while the broader All Ordinaries index was down 18.0 points, or 0.32 percent, at 5,608.3.

IG market analyst Angus Nicholson said in a note on Monday that energy stocks may be the one bright spot as benchmark crude eyes breaking through the 45 U.S. dollar mark on new rumblings in OPEC, while resources will be under pressure after Chinese economic data filters through.

"While China's data releases did not have an immediate impact on Asian markets (on Friday), they were wreaking havoc in Chinese commodity futures with particularly massive drops in nickel prices," Nicholson said.

Australian banking stocks are also coming under pressure as profit results continue to concern in the financial space after National Australia Bank's earnings dipped on rising bad debts.

In early trade, ANZ was down 0.15 percent, the Commonwealth Bank of Australia declined 0.29 percent, the National Australia Bank lost 0.37 percent and Westpac fell 0.25 percent.

BHP Billiton shed 2.51 percent, rival Rio Tinto slumped 2.73 percent while gold miner Newcrest was 2.82 percent weaker.

Oil Search lost 0.68 percent, Santos dropped 1.90 percent while Woodside Petroleum slipped 0.18 percent.

Wesfarmers rose 0.21 percent while rival Woolworths edged 0.09 percent higher.

Qantas was up 0.78 percent while telecommunication giant Telstra's lifted 0.64 in early trade. Endit