Finance Finance News Australian shares edge lower

Australian shares edge lower

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The share market is marginally down in choppy trade, and the dollar is starting give back overnight gains.

The All Ordinaries was down 5 points to 5,109 by 12:58pm (AEDT), and the ASX 200 was 7 points lower at 5,089.

The financial sector is under pressure, with ANZ shares down 0.6 per cent, after the Federal Court found it may need to repay some fees paid to it by customers.

The fall is similar to the other major banks, with NAB and Westpac both down around 0.7 per cent.

The Federal Court’s ruling is likely to apply across the major financial institutions that charged similar fees.

Casino operator Echo Entertainment’s shares are down 1.7 per cent after it reported a slide in half-year profits.

The Australian dollar was buying 88.93 US cents.