The share market has opened lower despite further efforts to prop up Greece and its banks.
The early, modest fall ends three straight days of gains on the market, driven by this week’s agreement on a new bailout for debt-laden Greece and the passage of new austerity measures through its parliament.
The European Cental Bank has now boosted its cash lifeline to the crisis-hit country, while in the US stronger than expected earnings reports from tech companies including Google and Netflix lifted the Nasdaq to a record high.
IG Markets chief markets strategist Chris Weston said investor confidence was returning to global markets.
“Some of the big macro concerns are abating which is helping the market,” Mr Weston said.
But investors appear to be taking a break after the recent rally.
The resources sector was the main source of weakness, with BHP Billiton down 17 cents at $26.91, Rio Tinto down 31 cents at $53.00 and Fortescue Metals 2.5 cents weaker at $1.72.
Among the banks, Commonwealth had dropped 24 cents to $87.72, ANZ had fallen 34 cents to $32.30, while Westpac was up three cents at $34.66 and National Australia Bank had gained four cents to $34.66.
Santos was down 9.5 cents at $7.625 after reporting a 19 per cent slide in quarterly revenue due to lower oil prices.
KEY FACTS
* AT 1028 AEST, the benchmark S&P/ASX200 index was down 15.3 points, or 0.27 per cent, at 5,654.3 points.
* The broader All Ordinaries index was down 13.3 points, or 0.24 per cent, at 5,636.5 points.
* The September share price index futures contract was 15 points weaker at 5,606 points, with 9,830 contracts traded.
* National turnover was 488 million securities worth $983 million.
