AU Evening Wrap: Australia Shares Drop 0.3% in Fourth Consecutive Loss

The $S&P/ASX 200(.XJO.AU)$ closed 0.3% lower at 7078.7, falling to a fourth consecutive loss on weakness among major banks and miners. The benchmark index opened lower amid a soft lead from U.S. equities at the end of last week and never recovered, trading in negative territory for the entire session.

The heavyweight financial sector was a major drag, losing 0.5%. Banks $ANZ Group Holdings Ltd(ANZ.AU)$, $Westpac Banking Corp(WBC.AU)$, $CommBank(CBA.AU)$ and $National Australia Bank Ltd(NAB.AU)$ shed between 0.2% and 0.8%.

Insurers $Suncorp Group Ltd(SUN.AU)$, $QBE Insurance Group Ltd(QBE.AU)$ and $Insurance Australia Group Ltd(IAG.AU)$ gave up between 0.7% and 1.6%.

Iron-ore miners $Fortescue Ltd(FMG.AU)$, $BHP Group Ltd(BHP.AU)$ and $Rio Tinto Ltd(RIO.AU)$ all finished 0.3% lower. The ASX 200's longest losing streak in a month leaves it just 0.6% higher so far in 2023.