The Australian share market is slightly lower after Monday’s heavy selloff which wiped almost $40 billion from the bourse.
The share market fell more than two per cent on Monday as concern about Greece’s financial crisis turned off investors’ risk appetite.
However, on the eve of Greece’s debt payment, Australian shares are holding up fairly well, CommSec market analyst Juliana Roadley said.
“We had carnage on our market yesterday because of Greece,” she said.
“But we are seeing a lot of buyers today and they’re happy to take advantage of yesterday’s pullback.
“There’s still uncertainty but there was also a comment from the International Monetary Fund saying that Greece would not go into default mode, they would go into arrears.”
But, the end of the financial year will add unpredictability as fund managers close out positions, she added.
The big four banks and the major miners were all lower at 1200 AEST.
ANZ was down four cents at $32.03, Westpac had declined 10 cents to $31.92, Commonwealth Bank had fallen 30 cents to $84.39 and National Australia Bank had shed 17.5 cents to $33.025.
BHP Billiton was down 16 cents at $26.79, Rio Tinto had dropped 23 cents to $53.06 and Fortescue Metals was 4.75 cents weaker at $1.88.
Energy stocks were down after oil price falls overnight with Woodside Petroleum one cent lower at $33.98 and Santos 10 cents weaker at $7.84.
Law firm Slater and Gordon was down 3.44 per cent, or 13 cents, at $3.65 amid ongoing worries about its UK business.
Among the better performers was Kathmandu, up 23.2 per cent, or 29 cents, at $1.54 on news New Zealand retailer Briscoe Group plans to takeover the outdoor clothing and equipment chain.
KEY FACTS
* At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was down 4.7 points, or 0.09 per cent, at 5,417.8 points.
* The broader All Ordinaries index was down 5.4 points, or 0.10 per cent, at 5,411.2 points.
* The September share price index futures contract was down 17 points at 5,362 points, with 20,589 contracts traded.
* National turnover was 707 million securities worth $1.8 billion.