The financials sector is weighing down the ASX, with all big four banks losing ground. -AAP Image
Australia's share market has swung to a loss after an early lift, as valuation concerns and portfolio rebalancing dragged on the heavyweight banking sector.
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The S&P/ASX200 fell 37.9 points on Tuesday, down 0.43 per cent, to 8,690.7, as the broader All Ordinaries lost 31.2 points, or 0.35 per cent, to 9,003.5.
Only two sectors ended the session clearly higher, with raw materials stocks surging two per cent on strong commodity prices, while financials, utilities, consumer staples and health care stocks all lost more than one per cent.
The Australian dollar is buying 67.25 US cents, hovering at 14-month highs and up from 66.75 US cents on Monday at 5pm.
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