The big four banks are due to commence reporting profits next week, with leaks that ANZ, CBA and NAB likely to report lower cash earnings for the half in the order of 10-15% lower.
Westpac is tipped to report an increase in cash earnings of around 10-20%. Dividend cuts are likely for all banks of 15-25%, although Westpac is likely to cut less, perhaps 10-15%.
OZ Minerals was up 7% on news it would sell its gold and silver assets in Indonesia to Chinese interests and Lihir and Newcrest did well on higher gold prices.
The benchmark S&P/ASX200 index closed down 0.8%, or 30.7 points, at 3712.3.
BHP Billiton (ASX:BHP) lost 43 cents, or 1.3%, to $32.05, Rio Tinto (ASX:RIO) was up $1.28, or 2.2%, to $59.88, Fortescue Metals (ASX:FMG) was down 10 cents higher at $2.52, OZ Minerals was up up 4.5 cents, or 7.1%, at 67.5 cents and Mirabela Nickel was up 6.5 cents, at $1.83.5.
Gold miners were higher, Lihir (ASX:LGL) was up 10 cents, or 3.5%, at $2.99 and Newcrest Mining (ASX:NCM) was up $1.61, or 5.62%, at $30.50.
In oil stocks, Santos (ASX:STO) was down 15 cents, or 0.9%, at $16.35 and Woodside Petroleum (ASX:WPL) was up 15 cents, or 0.4%, at $37.80.
Macarthur Coal (ASX:MCC) lost 15 cent to $4.06, Centennial Coal (ASX:CEY) was off 11.5 cents, at $1.71, Arrow Energy (ASX:AOE) was down 4 cents $3.20 and Riversdale Mining (ASX:RIV) was off 22 cents, at $4.22.
Banks were mixed, ANZ Bank (ASX:ANZ) lost 12 cents, or 0.7%, to $16.91, Commonwealth Bank (ASX:CBA) was down $1.03, or 2.8%, at $35.96, NAB (ASX:NAB) was up 20 cents, or 0.9%, to $22.25, Westpac (ASX:WBC) was down 28 cents, or 1.4%, at $20.22 and Macquarie Group (ASX:MQG) was down 54 cents, or 1.7%, at $31.84.
Retailer Harvey Norman (ASX:HVN) was up 1 cent at $2.88 and Rupert Murdoch's media group, News Corp (ASX:NWS) was down 43 cents, or 3.5%, at $11.96. Telco, Telstra (ASX:TLS) was down 2 cents at $3.25.