Australian shares dipped 0.4 percent on Monday to finish at a three-week low as some big-name stocks traded ex-dividend and financials were weak, though an uptick on Wall Street helped to contain losses. The S&P/ASX 200 index slipped 21.7 points to 5,577.0 at the close of trade, its fourth consecutive day of losses. The benchmark lost 0.6 percent on Friday and was down 0.5 percent last week, its second straight week of losses.
New Zealand's benchmark NZX 50 index added 0.2 percent or 7.9 points to 5,261.7. The country's top lender by assets, National Australia Bank , lost 0.7 percent, while Australia and New Zealand Banking Group, the third-biggest bank by market value, declined 0.5 percent. A number of stocks traded ex-dividend, undermining the broader market. Insurance Australia Group Ltd dumped 5.6 percent to near one-month lows of A$6.11, blood products maker CSL Ltd lost 1.8 percent to three-week lows of A$72.09, and mining services firm WorleyParsons Ltd slipped 0.8 percent.
The Australian benchmark jumped on the back of a mixed earnings season to hit a six-year peak of 5,679.5 on August 21. Since then, it has skidded some 100 points as investors trade cautiously among the resource space as iron ore prices have slumped on slack demand. BHP Billiton Ltd edged 0.2 percent higher and Fortescue Metals Ltd climbed 1.4 percent.