As the Australian share market went down for a sixth consecutive trading day, investors went to the New Zealand markets, which rose close to 20 points to 3525.39, a change of about 56 percent.

ASX 200 had an encouraging opening this morning however, share prices have drifted off throughout the session in line with most Asian markets as they open. It shed some 27 points to close at 4538.5.

Energy and materials led the decline after earlier trading was up. Volumes across the board are again very light with some evidence of offshore selling amongst leading names as the AUD weakened across the morning to be at 1.0654 versus the USD.

CMC Markets Institutional Equities Dealer Anthony Whitaker said in a briefing note to clients: "Investors are very focused on the macro-environment, which is very uncertain at present. This uncertainty is creating a situation where traders are further sidelined from market participation."

Market Highlights

Mr Whitaker said that among the very few highlights in the market today, Fortescue (ASX: FMG) shares stood out by jumping to an intraday high of 6.42 on the back of another broker upgrade.

Fortescue earlier commented that iron ore demand will support the high metal prices.

The energy sector is currently weak before the outcome of the OPEC meeting that will conclude on Wednesday.

Oil Search Limited (OSH), Paladin Energy (PDN), Santos (STO), Origin Energy (ORG) and Woodside (WPL) are all down between1.2% - 4.8%.

Other most actively traded shares in the ASX include BHP Billiton Ltd. (BHP AU), Rio Tinto Group (RIO AU), BlueScope Steel Ltd. (BSL AU), Extract Resources Ltd. (EXT AU).