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AAP
AAP
Business
Derek Rose

Banks and supermarkets drag Australian shares lower

Australia Coles ANZ South32 Perpetual
The Australian share market has dropped for the seventh time out of its past 10 sessions. (Steven Markham/AAP PHOTOS)

Australia's share market has had a dour start to the new financial year, dropping for the seventh time out of its past 10 sessions after a sell-off in banking and supermarket stocks.

The benchmark S&P/ASX200 index on Wednesday finished 55.8 points lower at 8,722.9, a drop of 0.64 per cent, while the broader All Ordinaries fell 54.8 points, or 0.61 per cent, to 8,931.4.

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