The local share market is lower as investors hold out for the federal election and America’s response to Syria.
The All Ordinaries were down 11.4 points, or 0.22 per cent, at 5,145.1 in early trade after opening flat on Thursday.
IG market analyst Stan Shamu said investors were in “wait-and-see mode” ahead of important developments locally and abroad.
“There’s a lot at play on the macro-economic front,” he said.
“There’s the election, the US bombing Syria (and) tapering talk.
“Right now, it seems like it’s just a cautious time.”
He said upcoming jobs data out of the US, if positive, could drag stocks down by giving the US Reserve cause to soon start winding down its stimulus scheme.
The rallying Australian dollar could also push equities down by weighing on export sectors, he added.
Mr Shamu said local trade data, due out before noon, was unlikely to have a major impact on the day’s trading, as investors had already “passed the major hurdles” with gross domestic figures (GDP) released on Wednesday.
The Australian Bureau of Statistics data showed gross domestic product (GDP) was up 0.6 per cent in the June quarter for an annual rate of 2.6 per cent, which matched market expectations
“The GDP readings … really mean that the economy, perhaps, has turned a corner,” said Mr Shamu.
Among the major banks at 1025 AEST, the National Australia Bank was up 11 cents to $32.70, ANZ had gained four cents to $29.81, and the Commonwealth Bank had added 15 cents at $73.43, but Westpac had fallen 11.5 cents $31.50.
In the resources sector, global miner BHP Billiton was 29 cents lower at $35.25, Rio Tinto was down 56 cents at $60.99 but iron ore miner Fortescue had lifted 1.5 cents to $4.44.
Making news, a Newcrest Mining internal review concluded the company had not breach continuous disclosure rules when a plunge in its share price days before a market update flagging significant downgrades was interpreted as implying analysts had been selectively briefed.
At 1053 on Thursday, its shares were down 10.5 cents, or 0.78 per cent, at $13.295.
KEY FACTS
* At 1025 AEST on Thursday, the benchmark S&P/ASX200 index was down 12.7 points, or 0.25 per cent, at 5,148.9 points.
* The broader All Ordinaries index was 11.4 points, or 0.22 per cent, lower at 5,145.1 points.
* The September share price index futures contract was 12 points lower at 5,144 points, with 7,475 contracts traded.
* At 1040 AEST, national turnover was 325.6 million securities worth $688.3 million.