The Aussie market started the week in negative territory following inconclusive leads from overseas markets on Friday night and lingering concerns over Europe's debt crisis.
The bulls tried to defend their ground early on in the piece but eventually rolled over.
It wasn’t a complete disaster however, with the bulls showing some more fight towards the end of the session.
The banks had a mixed day; Westpac was the best of the big four with a 0.3% rise, whilst ANZ was the worst with its 1.6% drop.
There was a notable move in Telecom's shares (-21.9%) after the group finalised the spinoff of its infrastructure unit.
The big miners lost ground amid general market weakness; BHP declined 0.6% and Rio Tinto lost 1.7%.
Beach Energy bucked the trend, jumping 3% as it got closer a completing a takeover of Adelaide Energy.
The ASX 200 shed 14 points (-0.3%) to close at 4163.
Click to Receive FREE Trading Recommendations!
Evening Market Analysis: Bulls Show Some Fight is a post from: Australian Stock Report Market Pulse Blog