Market Wrap: ASX tumbles as miners slide

The local sharemarket closed considerably lower, reversing some of last week's impressive gains.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.9% to 5,232 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.8% to 5,267 points
• AUD/USD at US 73.36 cents
• Iron Ore at US$56.01 a tonne, according to the Metal Bulletin
• Gold at US$1,158.24 an ounce
• Brent oil at US$52.96 a barrel

The ASX 200 experienced its strongest week in four years last week, led by powerful returns for the country's biggest miners. Investors begun to take some cash off the table today however, adopting a more cautious approach.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) lost 0.9% and 0.7% respectively. Origin Energy Ltd (ASX: ORG) and Oil Search Limited (ASX: OSH) also fell 3.5% and 4.2%, while Fortescue Metals Group Limited (ASX: FMG) bucked the trend, lifting 5.3%.

Each of the banks also ended the day in the red. Commonwealth Bank of Australia (ASX: CBA) fared the worst, falling 1.2%, while its rivals fell between 0.4% and 1%.

The gold miners were the top performers for the day. EVOLUTION FPO (ASX: EVN) soared 11.5%, while Beadell Resources Ltd (ASX: BDR) and Independence Group NL (ASX: IGO) gained 9.7% and 9.2%, respectively.

Horizon Oil Ltd (ASX: HZN) was the worst performing stock, shedding 4.4%.

Here are Monday's top stories:

1. Transurban Group reports strong growth: Is it time to buy?
2. Property investing now riskier than the stock market
3. Beyond BHP Billiton's 7% fully franked dividend…
4. Why the Big Four banks will slash their dividends
5. Is this a BIG threat to Woolworths Limited and Wesfarmers Ltd?
6. So much for the end of the world – the stock market soared last week