PERTH: The Australian sharemarket remained sharply lower at noon, as financial stocks continued to weigh ahead of some key results next week.
At 12.05pm (AEST) the benchmark S & P/ASX200 index was 66.6 points, or 1.14 per cent, lower at 5772 points, while the broader All Ordinaries index was down 62.4 points, or 1.07 per cent, at 5755.8 points.
IG market strategist Evan Lucas said the bulls had clearly experienced exhaustion at 5990 after earlier in the week flirting with the key 6000 level. However, with expectations for the banks to the downside, the push needed to break the resistance at 6000 seems lost for now.
“I can’t see the ASX legging higher in the next three weeks unless the RBA cuts rates, the federal budget is more conducive of growth and the banks report earnings growth well above expectations — a tough ask to get all three,” he said.
