Falls in key industrial commodities and oil overnight have seen the Australian market slide lower at the open on Friday.
At the 10.15 am (AEDT) official market open, the benchmark S &P/ASX200 index was down 19.1 points, or 0.38 percent, at 5,018.6, while the broader All Ordinaries index declined 16.2 points, or 0. 32 per cent, at 5,071.3. Though there is tentative hope the market will end the week high after a strong U.S. session overnight, the ever likely hike by the U.S. Federal Reserve next week is causing consternation among marks with traders taking last minute positioning, IG market analyst Angus Nicholson said.
"There have been some positive signs that perhaps the worst of the pre-rate rise selloff may be behind us," Nicholson said, noting the bounce off the 5,000 point mark in Thursday's trade. Resources and energy dragged the market lower at the open on the continued rout in key industrial commodities and benchmark oil prices as traders continue to focus on the increasing global supply glut. BHP Billiton is down 0.86 percent, rival Rio Tinto edged 0.33 percent lower however goldminer Newcrest is up 1.49 percent.
Oil Search slipped 0.32 percent, Santos is down 0.28 percent however Woodside Petroleum gained 0.93 percent on news the company approved a two billion U.S. dollar gas investment off Western Australia.
ANZ slipped 0.53 percent; the Commonwealth Bank of Australia is down 0.90 percent, the National Australia Bank fell 0.67 percent and Westpac lost 0.92 percent. Wesfarmers is up 0.37 percent however supermarket rival Woolworths fell 0.77 percent after Australia's consumer watchdog launched court action over dealings with suppliers to urgently reduce is half yearly profit shortfall. Qantas and Telstra both opened flat.
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