SYDNEY: Australian stocks have slipped more than one percent on Thursday, led by heavy losses in Australia’s banks weighing on the broader market.
At 12:05 p.m. (AEDT), the benchmark S&P/ASX200 index was down 53.4 points, or 1.05 percent, at 5,027.1, while the broader All Ordinaries index fell 51.2 points, or 1 per cent, at 5,078.7.
Despite strong Australian employment data, Australia’s banks have continued their slide at noon on Thursday on waning support for a central bank rate cut.
At 12:16 local time, ANZ was down 2.37 percent, the Commonwealth Bank of Australia 2.39 percent lower, the National Australia Bank slumped 2.66 percent and Westpac was 2.31 percent in the red.
Energy stocks continued their downward trend with Oil Search 2.05 percent weaker, Santos 0.43 percent down and Woodside lost 0.89 percent.
However resources have rebounded with bargain hunters searching for yield.
BHP Billiton gained 1.11 percent and Rio Tinto was up 2.05 percent, however gold miner Newcrest slipped 0.41 percent.
Wesfarmers was down 1.24 percent and Woolworths was 1.31 percent weaker.
Telstra fell 1.32 percent while Qantas edged 0.13 percent lower.
