Australian stocks start 0.7% weaker, S&P 200 sheds 39.3pts, All Ordinaries tumbles 37.6pts

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SYDNEY: The Australian stocks slumped 0.7 percent to decline for a second straight session as a six-year low in oil value overnight weighed a lot on the energy sector.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was down 39.3 points, or 0.72 per cent, at 5,383.4 points, while the broader All Ordinaries index was down 37.6 points, or 0.7 per cent, at 5,361.9 points.
Brent crude for February delivery collapsed to $US47.18 — the lowest since late April 2009 — before recovering slightly to $US47.30 a barrel. US benchmark West Texas Intermediate (WTI) for February hit a similar trough at $US45.90 a barrel. It’s since recovered to $US46.62.
CMC chief market strategist said the latest plunge in oil prices would pressure the local market during today’s session.
“A strong start to US reporting season, a rally in European shares, and gains for precious metals, may not be enough to stem the selling,” he warned.
Energy stocks weighed most heavily on the market, giving up 2.35 per cent as a sector.
Santos shed 2.81 per cent to $7.085, while Woodside Petroleum gave up 2.15 per cent to $35.57.
Oil Search retreated 3.29 per cent to $7.06, while Beach Energy slipped 2.99 per cent to 97.5c.
Materials were also deep in the red, losing 1.02 per cent as a sector, on weakness in the major miners.
BHP Billiton retreated 1.65 per cent to $28.04, while rival Rio Tinto lost 1.74 per cent to $58.26.
Fortescue Metals fell 2.97 per cent to $2.61.
Atlas Iron was again the biggest loser in early trade, surrendering 6.67 per cent to 21c. BC Iron also gave up 6.15 per cent to 61c.
Consumer staples shed 0.50 per cent as a sector.
Woolworths slipped 0.5 per cent to $29.92, while Wesfarmers lost 0.54 per cent to $42.20.
Financial stocks also retreated, falling 0.60 per cent as a sector.
ANZ lost 0.5 per cent to $32.07, while Commonwealth Bank retreated 0.44 per cent to $85.27.
National Australia Bank shed 0.59 per cent to $33.72 while Westpac lost 0.6 per cent to $33.14.
Meanwhile, Telstra retreated 0.08 per cent to $6.035 and Qantas shed 0.21 per cent to $2.425.
In local economic news on Tuesday, the ANZ-Roy Morgan weekly consumer confidence survey showed a 0.3 per cent rise as consumers seemed to pocket any savings from cheaper petrol.