Australian shares end lower

Australian shares edged closer to the crucial 6,000 level before retreating on Monday as investors shrugged off an upbeat lead from offshore markets and cashed in profits from the previous week's rally. The S&P/ASX 200 index hit an intraday high of 5,995.0, nearly making its first foray over 6,000 since February 2008, before backtracking to close down 19.1 points or 0.3 percent at 5956.1, snapping a three-session winning streak.
New Zealand's benchmark NZX 50 index rose 3.9 points or 0.1 percent to finish the session at 5875.2.
The benchmark index came within five points of the key 6,000 psychological barrier, which it last traded above seven years ago. "We'll zip through the 6,000 mark but I don't know if it's going to happen today," said PhillipCapital Australia senior client adviser Michael Heffernan.
"It's a pretty disappointing beginning to the week, particularly given the performances we saw in Europe and the US, but there was an absence of any economic news anywhere."
US and European stocks ended the previous week posting gains on hopes that declines in both currencies would boost economic growth. Asian stocks followed the lead higher on Monday.
Financial stocks led the market lower, with Commonwealth Bank of Australia down 0.8 percent, Westpac Banking Corp 0.5 percent weaker and National Australia Bank down 0.4 percent.
Mining services firms declined on concerns the sector will be among the hardest-hit by a collapse in mining investment as the sector copes with sharply lower commodity prices. Bradken was down 4 percent and Transfield Services fell 4.8 percent, the biggest loser in the benchmark index.
In the large iron ore miners, Rio Tinto eased 0.1 percent while rival BHP Billiton firmed 1.5 percent, while Fortescue Metals Group fell 1 percent.
Retail conglomerate Premier Investments jumped 10 percent, the biggest gainer, after saying half-yearly net profit rose 9 percent and declaring a special dividend.
New Zealand's benchmark NZX50 index was down 0.1 percent at 5,865.29, as it consolidated after hitting a record high a week ago.
Telecommunications company Spark, the market's second biggest stock by capitalisation, was leading the market with a 1.8 percent gain.