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Aussie share market opens flat with financials, industrial stocks down

2019-07-09 08:59

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SYDNEY, July 9 (Xinhua) -- The Australian share market opened flat on Tuesday with banking stocks and the industrial sector the main weight on the index.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was marginally down 1.30 points, or 0.01 percent, at 6,670.90, while the broader All Ordinaries index dipped 2.20 points, or 0.03 percent, at 6,755.20.

"Australian shares are under pressure at the open despite mixed to benign leads," CMC Markets' chief market strategist Michael McCarthy told investors in a morning note. "

Falls in European and U.S. shares overnight did not reach the depths plumbed by Asia Pacific markets yesterday.

Bonds yields continued their pull back to higher levels, and leading industrial commodities crude oil and iron ore rose."

"Despite finishing the overnight session in the green, Australian share price futures dropped 23 points at the bell. However support for resource stocks and consumer exposed stocks turned the fall around," he added.

In the financial space, Australia's big banks also lost ground with the Commonwealth Bank down (0.57 percent), Westpac Bank down (0.36 percent), National Australia Bank down (0.45 percent) and ANZ down (0.50 percent).

Mining stocks soared with BHP up (1.60 percent), Rio Tinto up (1.72 percent), Fortescue Metals up (2.94 percent), however gold miner Newcrest was down (1.09 percent).

The country's oil and gas producers saw mixed results with Woodside Petroleum up (0.28 percent), Santos unchanged and Oil Search also unchanged.

Australia's largest supermarket chains varied with Wesfarmers down (0.51 percent) and Woolworths up (0.59 percent).

While telecommunications giant Telstra lifted (0.65 percent), the national carrier Qantas jumped (0.62 percent) and biomedical firm CSL dived (0.63 percent).
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