PERTH: The Australian sharemarket has pared early gains, but remains slightly higher at noon, as concerns over the Greek debt negotiations and IMF commentary partly offset a modest rally in resources stocks, buoyed by a rise in the iron ore price overnight.
At 12.05pm (AEST) the benchmark S&P/ASX200 index lifted 12.2 points, or 0.22 per cent, to 5,516.5 points, while the All Ordinaries index added 12.2 points, or 0.22 per cent, to 5,523.5 points.
The Australian share market was down 4.7 per cent so far this week at the end of Thursday, following four days of declines, putting it on track for its biggest weekly fall in three years, amid a surge in global bond yields.
Overnight, Wall Street stocks tumbled almost 1 per cent due to unease over the Greek debt negotiations, volatility in the bond market and worries about growth after the IMF cut its US economic forecast.
CMC chief market analyst Ric Spooner said the upcoming long weekend provides another reason for Australian share traders to be risk averse.
“There will be two trading sessions on international markets before the local market opens again on Tuesday.
“With bond markets volatile, Greek debt negotiations at crunch point and data on US jobs and China’s trade to be released before due before our markets re-open, a safety first approach seems logical.”
