SYDNEY: The Australian stocks opened slightly weaker as modest rebounds in the iron ore and oil prices overnight failed to offset muted leads from Wall Street.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was down 5.1 points, or 0.09 per cent, at 5,942.4 points, while the broader All Ordinaries index fell 4.3 points, or 0.07 per cent, to 5,913.3 points.
IG market strategist Evan Lucas said energy stocks may continue to rally after oil logged its sixth straight day of gains despite Saudi Arabia announcing record output.
“However, the benign data reads in the US saw a flat finish to trade in Wall Street and this trading momentum is likely to translate into the final day’s trade of the week on the ASX, which will see the local market slightly off for the week,” he said.
Materials weighed on the market, losing 0.54 per cent.
BHP Billiton gave up 0.53 per cent to $30.07, while Rio Tinto slipped 0.97 per cent to $55.33.
Fortescue shed 1.79 per cent to $1.92, while Whitehaven as its third-quarter update revealed a strong lift in coal sales.
Financials slipped 0.18 per cent collectively.
