Australian shares down slightly

Australian shares edged down 0.34 percent on Monday as investors remained cautious awaiting an outcome from Greece's negotiations with creditors. The S&P/ASX 200 index dropped 18.838 points to 5,473.200 at the close of trade. New Zealand's benchmark NZX 50 index lost 0.33 percent, 18.64 points, to finish the session at 5,706.700. "Basically the market's caught up with what's happening in Greece and the reports that we're getting in real time," said Damien Boey, equity strategist at Credit Suisse.
"It's quite hard to gauge the direction the news is going and the market's really reflecting that," he said. Hopes for some resolution to the Greek drama were dashed on Sunday when euro zone leaders told the cash-strapped Greek government it must enact key reforms this week to restore trust before they will open talks on a financial rescue. Investors were also watching the Chinese stock markets, which were a bit volatile in early trade after a two-day bounce last week raised hopes of stabilisation following a barrage of government support measures to stem the rout. The trade numbers out of China - Australia's biggest export market - showed some improvement and should underpin sentiment. The health care sector led gains with Cochlear Ltd rising 6.9 percent after receiving an upgrade from J.P. Morgan while CSL Ltd rose 2.2 percent. The energy and mining sectors suffered losses. Gold miner Beadell Resources fell as much as 8.8 percent after announcing a delay in commencing some of its mining operation in Brazil.
However, mineral explorer Excelsior Gold rose as much as 7.9 percent after the mineral explorer accepted a credit approved funding package from Macquarie Bank. Qantas Airways Ltd gained 4.2 percent after a ratings upgrade by Morning star to hold, from reduce. New Zealand's benchmark NZX50 share index was trading weaker, down 0.4 percent at 5,703.36, holding above a six month low touched last week as investors remained cautious.
Weakness among the top-10 stocks weighed on the broader index with power company Meridian Energy down 3.3 percent, casino operator Sky City down 1.2 percent, with lesser falls for Auckland International Airport and Fletcher Building. Uncertainty over Greece and nervousness about Chinese equity markets weighed on local sentiment. Brokers have been pointing to the market consolidating in a broad range after a record breaking run earlier in the year which has prompted some investors to book profits. Telecommunications network operator Chorus dipped 1.8 percent to a five month low, while fast food operator Restaurant Brands was 1 percent lower.