Australia’s stock market has opened slightly lower following a negative lead from the US and as the market waits for the release of key economic data from Australia and China.
IG market strategist Stan Shamu said the local market had been directionless for the past few days due in part to a lack of liquidity.
But he said the release of Australian retail sales and building approvals figures at 1130 AEDT and Chinese inflation figures an hour later were likely to drive the market during the afternoon.
“I think we’ll look to the data we have today for direction,” he said.
“But for now I think we’ll continue to see this choppy trade oscillating around that break even mark.”
The banks were lower, with Westpac down 15 cents at $31.89, ANZ eight cents weaker at $31.63, while National Australia Bank lost 12 cents to $34.28 and Commonwealth Bank fell eight cents to $77.80.
Among major miners BHP Billiton was down eight cents to $36.96, Rio Tinto had lost 13 cents to $65.22 and iron ore producer Fortescue Metals had dropped six cents to $5.33.
Qantas shares were flat at $1.10 despite news ratings agency Moody’s had downgraded its credit rating to junk status.
KEY FACTS
* At 1025 AEDT on Thursday, the benchmark S&P/ASX200 index was down 7.3 points, or 0.14 per cent, at 5,308.7.
* The broader All Ordinaries index was down 7.3 points, or 0.14 per cent, at 5,311.1.
* The March share price index futures contract was nine points lower at 5,278, with 5,458 contracts traded.
* National turnover was 306 million securities worth $251 million.