SYDNEY: The Australian sharemarket was softer at noon, after weakness in energy, financial and mining stocks weighed on the local bourse.
At 12.05pm (AEST), the benchmark S&P/ASX200 index lost 38.2 points, or 0.65 per cent, to 5,834.1, while the broader All Ordinaries index slipped 34.1 points, or 0.58 per cent, to 5,809.9.
In local economic news today, official data from the Australian Bureau of Statistics showed the inflation rate rose at its slowest annual pace in nearly three years, adding pressure to the Reserve Bank of Australia to stimulate the economy.
The Australian dollar added a quarter of a US cent on the news, rallying to the mid-US77c range.
Meanwhile, the Westpac-Melbourne Institute’s leading index showed the economy looks as though it will struggle for the remainder of the year. The index, which indicates the likely pace of economic activity three to nine months in the future, fell back into negative territory in March following a short-lived bounce in February.
The main drags on the sharemarket at noon were energy, mining and financials stocks.
Energy shares were 0.92 per cent softer after the price of oil dipped overnight as the Saudi-led coalition announced an end to its military strikes in Yemen, easing concerns of constrained supply.
