SYDNEY: The Australian sharemarket slumped more than 1 per cent at the open, weighed down by broad weakness in the financial sector, after Wall Street succumbed to concerns over the Greek debt negotiations.
At the 10.15am (AEST) official market open, the benchmark open the benchmark S&P/ASX200 index lost 63.6 points, or 1.09 per cent, to 5,762.9 points, while the broader All Ordinaries index was down 60 points, or 1.03 per cent, at 5,756.2 points.
IG markets strategist Stan Shamu said there were some positives for the materials sector ahead of the open with gold and iron ore both firmer.
However, he still expected the market to open significantly lower.
“Yesterday’s sharp reversal from the highs was quite alarming and left a nasty reversal candle on the daily chart. However, the bottom of the recent range still held but will be tested again if we open in that 5,770 region,” he said.
