The Australian share market has opened lower as two major banks trade ex-dividend.
The federal budget, unveiled on Tuesday night, was fairly positive for businesses and had little consequence for the share market, Commsec market analyst Juliana Roadley said.
“There was really nothing negative in the budget for the market so, if anything, we expected the market to open higher,” she said.
“There was a mixed session in the US overnight but nothing that has impacted on our market.
“The biggest thing dragging the market down is the fact two big banks are going ex-dividend. But, apart from that, the market is really solid.”
National Australia Bank had lost 94 cents to $33.56 and Westpac had dropped 82 cents to $34.32 as both trade ex-dividend by 1056 AEST.
However, Commonwealth Bank of Australia was 40 cents better off at $80.30 after announcing its third quarter cash profit lifted almost 16 per cent to $2.2 billion.
ANZ was 9.5 cents higher at $32.995.
The big miners were mixed, with Rio Tinto coming off Tuesday’s highs. It fell 32 cents to $62.53, while BHP Billiton gained 25 cents to $38.21.
Fortescue Metals was four cents lower at $4.76.
Building products group CSR dropped five cents to $3.46 after initial small gains on its return to profit.
It has announced a full-year statutory net profit of $88.1 million in the 12 months to March 31, compared with a net loss of $150 million in the previous year.
KEY FACTS
* At 1030 AEST the benchmark S&P/ASX200 index was down 12.9 points, or 0.23 per cent, at 5,485.3.
* The broader All Ordinaries index was down 11.4 points, or 0.21 per cent, at 5,464.
* On the ASX 24, the June share price index futures contract was 13 points higher at 5,500, with 8,815 contracts traded.
* National turnover was 144 million securities worth $621 million.