The Aussie market finished in negative territory despite a strong lead from the US and Europe overnight.

There was weakness across the board, although health stocks bore the brunt of the selling due to Resmed's poor 1Q result.

In retail, Pacific Brands sank 5.6% after warning of a tough start to FY12. It was better news for Billabong, however, which soared 8.6% amid positive earnings guidance.

All four big banks ended lower with NAB the worst performing, down 1.1%. Westpac gave up 0.7% for the day.

The big miners were among the handful of winners following the overnight rally in commodities. BHP rose 0.9% and Rio Tinto added 1.5%.

The ASX 200 shed 27 points (-0.6%), closing at 4228.