Share market closes 1pc lower amid banking and finance loses, Brexit fears

The local share market has closed 1 per cent lower, led by losses in banking and finance stocks.

The All Ordinaries Index has shed 52 points, to 5230, while the ASX 200 lost 56 points, to close at 5147.

There are a some weighty things worrying investors, including the US Federal Reserve's call on interest rates early tomorrow morning, and whether Britain will vote to leave the European Union.

The big four banks have each dropped back by about 2 per cent.

Commonwealth Bank shed $1.32 to $72.20 and Westpac lost 68 cents to $28.55

ANZ dropped 43 cents to $23.22 and NAB is down 49 cents to $24.98.

Meanwhile, Virgin shares are flying south after the company announced it was issuing $852 million in fresh equity to pay off its debts and streamline its fleet.

Virgin stocks lost 3 cents to 26 cents.

But there was better news for A2 Milk. Shares have climbed after the company lifted its profit guidance thanks to strong demand from China. Stocks rose 20 cents to $1.77.

Retail stocks had a mixed session with Woolworths losing 14 cents to $21.02, but JB HiFi gained 27 cents to $22.82.

Wesfarmers gained 2 cents to $40.15.

At around 5:00pm AEST, gold was slightly weaker at $US1284,00 an ounce.

West Texas crude oil was higher at $US48.44 a barrel.

Iron ore was weaker at $US50.80 a tonne and the dollar was stronger, buying 73.9 US cents.

Source: ABC News

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