Australia’s stock market is trading lower led downward by mining stocks after a relatively flat opening.
The market has fallen further following the release of mixed monthly economic data on building approvals and retail spending in Australia, and ahead of the release of Chinese inflation figures on Thursday.
Building approvals for new homes disappointed, falling in November but retail sales surprised by beating market expectations.
CMC Markets chief market strategist Michael McCarthy said he thought the Australian market was performing resiliently on low volumes, considering the negative offshore leads overnight and falls in industrial metals and oil prices.
“The energy markets are a surprise: they are only one of three in positive territory despite falls in energy markets overnight,” he told AAP.
The rise in energy stocks was being led by oil and gas producer Santos, which was 12.5 cents higher at $14.415, while Woodside Petroleum had lifted seven cents to $37.95 and Oil Search was two cents up at $8.14.
Making news, Qantas shares were up, indicating investors were unconcerned about the negative news that ratings agency Moody’s had downgraded its credit rating to junk status.
Qantas was 2.5 cents, or 2.3 per cent, higher at $1.125.
The banks were mixed, with Westpac down 20 cents at $31.84, ANZ 11.5 cents weaker at $31.595, National Australia Bank up three cents to $34.43 and Commonwealth Bank also three cents better at $77.91.
Among the miners BHP Billiton was down 15.5 cents to $36.885, Rio Tinto had lost seven cents to $65.28 and iron ore producer Fortescue Metals had dropped 4.5 cents to $5.345.
KEY FACTS
* At 1220 AEDT on Thursday, the benchmark S&P/ASX200 index was down 9.3 points, or 0.18 per cent, at 5,306.6.
* The broader All Ordinaries index was down 9.7 points, or 0.18 per cent, at 5,309.
* The March share price index futures contract was 13 points lower at 5,274, with 9,012 contracts traded.
* National turnover was 743 million securities worth $908 million.