SYDNEY: The Australian stock market opened lower on Thursday, tracking the weak cues overnight from Wall Street. Banks and mining stocks are weak.
In late-morning trades, the benchmark S&P/ASX 200 Index is down 17.50 points or 0.30 percent to 5,884.10 after earlier declining to 5,871.70. The All Ordinaries Index is declining 16.8 points or 0.29 percent to 5,854.70.
In the mining sector, BHP Billiton (BHP) is declining 1.7 percent and Rio Tinto (RIO), trading ex-dividend since Wednesday, is losing 1.8 percent.
Meanwhile, Fortescue Metals is gaining more than 2 percent after the company said it is refinancing A$3.2 billion of debt to shore up its balance sheet. Gold miner Newcrest Mining is down 0.7 percent.
Among the major banks, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are lower in a range of 0.05 to 0.5 percent, amid continuing disappointment over the Australian central bank’s decision to put interest rates on hold.
Macquarie Group shares are advancing 1.2 percent after the company completed a capital raising of A$500 million to fund its US$4 billion acquisition of the AWAS aircraft operating lease portfolio.
In the oil space, Woodside Petroleum is adding 0.6 percent, Santos is up 0.4 percent and Oil Search is gaining more than 1 percent.
Woodside Petroleum has received approval from the competition regulator Australian Competition and Consumer Commission or ACCC to buy Apache Corp’s Western Australian liquefied natural gas and oil assets under a $3.75 billion deal agreed in December.
