PERTH: The Australian sharemarket had a lacklustre start after a volatile day of trade in the US saw investors eke out small gains on Wall Street.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was down 13.4 points, or 0.24 per cent, at 5582 points, while the broader All Ordinaries index slipped 13.2 points, or 0.24 per cent, to 5,577.1.
US stocks fluctuated in the lead up to the Federal Reserve’s policy meeting. The announcement of downwardly revised median rate projections for 2016 and 2017 saw the Dow Jones Industrial Average lift 0.2 per cent at the closing bell, while the S&P also inched up by 0.2 per cent.
Scott Schuberg, chief executive of Rivkin Securities, said the announcement triggered a sell-off in the US dollar, but had little effect on the local currency.
“Last night’s big news event was the US Federal Reserves policy statement, which was certainly brighter than the last with regard to economic expansion and employment — but maybe not as bright as expected,” he said.
