PERTH: The Australian sharemarket has slipped at the start of trade as resources stocks drag the bourse lower and a profit warning from Dick Smith sees investors pull out of retail stocks.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was down 12.4 points, or 0.24 per cent, at 5190.2, while the broader All Ordinaries index fell 11.6 points, or 0.22 per cent, to 5239.8.
The market is trading slightly lower ahead of a flurry of local economic news and data this week, with Australia’s GDP figure set to be released on Wednesday, and retail trade, balance of payments and buildings approval throughout the week.
Meanwhile the Reserve Bank of Australia board meets tomorrow where the board is widely expected to keep interest rates steady.
“A no-move is fully priced in with the market being told to ‘chill out’ ahead of tomorrow’s Reserve Bank of Australia meeting. The interbank market is sitting at a 5 per cent chance of a move,” IG market strategist Evan Lucas said.
