PERTH: The Australian stock has abandoned its pursuit of the increasingly elusive 6,000 point threshold, at least temporarily, as mining and supermarket stocks sink at noon.
At 12.05pm (AEST), the benchmark S&P/ASX200 index was down 11.1 points, or 0.19 per cent, at 5,949.2, while the broader All Ordinaries index was down 9.8 points, or 0.17 per cent, at 5,918.3.
Locally in economic news on Tuesday, National Australia Bank’s monthly business survey showed tentative signs of improvement in the local economy, while the ANZ-Roy Morgan weekly consumer confidence survey rose 0.1 per cent, up from a recent eight-month low.
Quay Equities head of trading Tristan K’Nell said the data has yet to show any considerable confidence gains from the RBA interest rate cut and falling fuel prices, as political and federal budget uncertainty offset any benefit from the lower rates.
While the NAB’s monthly survey data was “a step in the right direction,” Mr K’Nell said economist views that another RBA rate cut was needed highlighted a struggling economy.
