(Reuters) - Australian shares ended lower for a third straight day on Tuesday, as weak oil prices and an equity stake sale in Woodside Petroleum Ltd <WPL.AX> dampened sentiment.
The S&P/ASX 200 index <.AXJO> closed down 0.9 percent, or 53.072 points, to 5,968.7, led by broad-based losses in financials and commodities. The benchmark shed 0.1 percent in the previous session.
Oil prices dipped as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening supply.
Royal Dutch Shell <RDSa.L> sold its entire stake in Woodside Petroleum for $2.7 billion, selling 111.8 million shares at A$31.10 ($23.79) apiece compared with the closing price on Monday of A$32.24.
Shares of Woodside Petroleum, Australia's largest independent oil and gas company, ended 3.2 percent down at A$31.2.
Other large LNG plays may also come under pressure as a domestic funding source for Woodside's divestment, said RBC Capital Markets in a note.
Accordingly, oil and gas heavyweights Origin Energy <ORG.AX> and Santos Ltd <STO.AX> lost 1.1 percent and 2.4 percent each.
Among other decliners, the country's "Big Four" banks were the top losers on the benchmark, shedding between 1 percent and 1.5 percent, with National Australia Bank <NAB.AX> scraping its lowest in more than two months.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> closed 0.4 percent, or 31.57 points higher at 8,008, with healthcare and telecom stocks leading gainers.
Medical device maker Fisher & Paykel Healthcare Corp <FPH.AX> closed at an all-time high after a British court ruled that a patent held by rival Resmed Inc <RMD.N> as invalid on Monday.
(Reporting by Devika Syamnath in Bengaluru; Editing by Jacqueline Wong)
