Aust stocks close lower

Local market dips as broker downgrades pressure the big banks.

The Australian sharemarket closed lower after seven straight days of gains had the local market ready for a small correction.

At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index fell 49.5 points, or 0.89%, at 5,486.6 points, while the broader All Ordinaries index also fell 49.2 points, or 0.89%, to 5,466.9 points.

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