SYDNEY: The Australian sharemarket has closed slightly softer after a volatile day, as weak financials offset strong resources stocks.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index was down 9.4 points, or 0.17 per cent, at 5625.2, while the broader All Ordinaries index had fallen 7.8 points, or 0.14 per cent, to 5627.6.
The market opened strongly on the back of rates easing in China, with the benchmark gaining 1.2 per cent shortly after the start of trade before falling as low as negative 0.2 per cent amid heavy selling in the financials.
Over the weekend, the People’s Bank of China cut the official interest rate by 0.25 per cent, representing the latest in a series of stimulus moves that began in May last year.
CMC Markets chief market analyst Ric Spooner said a strong sell-off in banking and yield stocks led to the large turn around today, and was a continuation of last week’s sentiment, when banking stocks slumped after disappointing profit results.
