SYDNEY: The Australian sharemarket followed Wall Street lower at the open, giving up almost half a per cent on weakness in the big four banks.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index was 27.8 points, or 0.49 per cent, lower at 5670.1 points, while the broader All Ordinaries fell 25.3 points, or 0.45 per cent, to 5656.6 points.
CMC chief market analyst Ric Spooner said with little in the way of macro drivers to influence investor outlook overnight, today’s market is likely to be about whether or not last week’s buying momentum can be sustained.
“Market action suggests buyers may need a catalyst to change their outlook before taking the overall market significantly higher at this stage,” he said.
“The ASX200 index has started to move broadly sideways over the past three days and yesterday failed to move convincingly past resistance formed by the peaks of the last few weeks.”
