Australian shares fall

Australian shares fell 0.9 percent on Monday, dragged down by a softer mining sector and showing little interest in the struggle for leadership of Australia's ruling Labour Party. The benchmark S&P/ASX 200 index fell 39.4 points to 4,267.4. The index rose 0.5 percent last Friday, giving the market its first weekly gain in a month. New Zealand's benchmark NZX 50 index slipped 0.5 percent to 3,303.4.
Among other big movers in Australia, rare earths miner Lynas Corp fell 4.7 percent to A$1.23 following environmental protests against its ore processing plant under construction in Malaysia. Shares in surfwear company Billabong International gained 4.8 percent to A$3.05, after it rejected a A$765 million ($820 million) take-over offer from private equity firm TPG as too low, but said it was still talking with the suitor. The offer is worth A$3 per share.