Aust share market drops ahead of rate call

THE Australian share market has posted a slight fall, ending two weeks of gains by the market's largest companies.

The weaker performance was linked to data out of the United States on Friday that showed less jobs were created than expected in July, CMC Markets senior trader Tim Waterer said.

Investors are also waiting to see if the Reserve Bank of Australia will cut interest rates as expected on Tuesday.

"I think traders decided to pause from the recent run of gains and that resulted in a fairly lacklustre day on the Australian share market," he told AAP.

The S&P/ASX200 index dropped 0.1 per cent, after 10 straight days of gains.

The four big banks all fell, most likely as investors took profits from the sector's strong recent gains, Mr Waterer said.

Commonwealth Bank gave up six cents to close at $73.76, ANZ was down 10 cents to $29.82, NAB shed nine cents to $31.08 and Westpac was also off nine cents to $31.37.

The miners rose following some positive indicators for key customer China's economy, including strong data released for its services industries.

Rio Tinto gained 31 cents to $59.62, Fortescue Metals put on five cents to $3.85 and BHP Billiton closed flat at $35.75.

Disappointing June retail figures, which showed no change in spending from May, had a mixed influence on retail stocks.

Woolworths dropped 19 cents to $33.38 and Coles owner Wesfarmers shed one cent to $41.06, but Harvey Norman added two cents to $2.77 and JB Hi-Fi gained 38 cents to $18.84.

Myer added three cents to $2.73 and David Jones was five cents higher at $2.72.

KEY FACTS

* The benchmark S&P/ASX200 index dropped 5.5 points, or 0.11 per cent, to 5,111.3 points.

* The broader All Ordinaries index fell by 4.9 points, or 0.10 per cent, to 5,093.8 points.

* On the ASX 24, the September share price index futures contract was six points lower at 5,062 points, with 16,136 contracts traded.

* The spot price of gold in Sydney finished at $US1,313.75 per fine ounce, up $US28.20 from $US1,285.55 on Friday.

* National turnover was 1.4 billion securities worth $2.7 billion.

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