Australian shares close lower led by banks

Share prices closed lower amid weakness in banks, News Corp and the resources sector following heavy falls offshore on Friday, although overall trading activity was subdued with many investors on the sidelines ahead of Christmas, dealers said.

The S&P/ASX 200 closed down 21.4 points or 0.72% at 2,949.9, off a high of 2,967.8 and low of 2,945.9, while the All Ordinaries index was down 19.3 points at 2,921.9.