SYDNEY: The Australian stocks edged lower at the open, following Wall Street’s downbeat lead as continued weakness in oil and iron ore prices dragged on resources stocks.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was 11.4 points, or 0.2 per cent, weaker at 5,830.7 points, while the broader All Ordinaries index fell 12.5 points, or 0.22 per cent, to 5,798.5 points.
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CMC chief market strategist Michael McCarthy said the speculation about central bank actions was the current key driver of market performance and overnight data releases were not bad enough to spur further buying.
“US and European markets eased back from recent highs as OIL PRICES slid to new six year lows,” he said.
“Locally, yesterday’s market leading performance from energy stocks will likely be reversed, pushing the Australia 200 index into the red initially.”
