Australian shares open lower

The Australian stock market has opened weaker, with declines across most sectors following a disappointing night on Wall Street.

At 10.15am AEDT (12.15pm NZT), the benchmark S&P/ASX200 index was down 41.4 points, or 0.85 per cent, at 4,830.8 points, while the broader All Ordinaries index was 39.4 points, or 0.81 per cent, lower at 4,850.7 points.

On the Sydney Futures Exchange, the June share price index contract was 40 points lower at 4,852 points on a volume of 6,277 contracts.

There were 17 stocks down for every 10 that were up in early trading, with banking and financial stocks, as well as resources, all in the red.

Among the more substantial declines on the S&P/ASX50 were Incitec Pivot, down 11 cents, or 3.11 per cent, at A$3.43, and Woolworths, which was down 76 cents, or 2.64 per cent, at A$28.02.

One stock in the green was AXA Asia Pacific, which was up two cents, or 0.32 per cent, at A$6.31 after NAB said agreed with AXA Asia Pacific to extend the terms deed for its bid to acquire AXA Asia Pacific until next Monday.

At 10.20am AEDT, NAB was down 18 cents, or 0.67 per cent, at A$26.72.

On Wall Street on Friday, the Dow Jones Industrial Average closed down 0.35 per cent, snapping an eight-session rally.

The S&P500 index backpedalled 0.51 per cent and the NASDAQ shed 0.71 per cent.

It was also a poor night on commodities markets, with gold futures contract prices falling almost $US20 and silver, copper and crude oil prices also weaker.

Woolworths stock went ex-dividend on Monday.

Burrell Stockbroking director Richard Herring said a poor night on offshore markets led to a weak start on the local market.

"There has been a little bit of profit-taking,'' Mr Herring said.

"Some weaker commodities prices is a good excuse to do so.''

"Volumes have been pretty light again this morning.''

At 10.38am AEDT, the major Australian banks were trading weaker.

ANZ was down six cents at A$25.05, CBA was down 25 cents at A$55.96 and Westpac had fallen 12 cents to A$27.31.

ANZ said it had completed the acquisition of Royal Bank of Scotland's retail and commercial businesses in Hong Kong.

Among the miners, BHP Billiton was 70 cents, or 1.62 per cent, lower at A$42.50, while Rio Tinto slipped A$1.09, or 1.43 per cent, to A$75.10.

Fortescue Metals was down five cents, or 1.03 per cent, at A$4.80.

Arrow Energy has recommended its shareholders accept a new, improved joint takeover bid from Royal Dutch Shell and PetroChina.

Under the deal Arrow shareholders will received cash of A$4.70 per share, plus one share in a new listed entity, Dart Energy.

Arrow shares were in a trading halt, which was due to be lifted at 11am AEDT.

The company last traded at A$5.29.

- AAP