Market feels the strain as big banks go ex-dividend

THE Australian sharemarket closed slightly lower yesterday, dragged back by ANZ and Westpac banks trading exdividend.

The benchmark S&P/ ASX200 index finished the day down 7.6 points, or 0.13 per cent, at 6021.8 points.

OptionsXpress market analyst Ben Le Brun said it was no surprise that the market finished lower given the impact the banks have on the bourse because of their sheer size.

He said the slack was picked up to some extent by the Commonwealth Bank and National Australia Bank and BHP Billiton.

“The market still appears to be in a positive mood, so it will be interesting to see how it tracks between now and the end of the week, but the expectation is there may be further gains in store,” Mr Le Brun said.

The Aussie dollar eased to 76.61 US cents from 76.87.