PERTH: The Australian sharemarket is eyeing a second day of substantial losses, as weakness in banking and mining stocks weigh on the local bourse.
At 12.05pm (AEST), the benchmark S & P/ASX200 index lost 39.9 points, or 0.7 per cent, to 5652.3, while the broader All Ordinaries index was down 38.4 points, or 0.67 per cent, at 5652.5.
The sharemarket opened the session over 1 per cent weaker, but had pared some losses at noon, despite persistent weakness in the mining and financial stocks.
The market yesterday suffered its biggest one-day fall in two years after results from Commonwealth Bank and Woolworths spooked investors, sending banking stocks deep into the red.
The sell-off continued today as National Australia Bank launched a $5.5 billion share issue as part of its UK exit strategy, and released a first-half cash profit that was below expectations.
