Aussie share market opens lower despite Wall Street's record highs

2021-02-09 09:29

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SYDNEY, Feb. 9 (Xinhua) -- The Australian share market opened lower on Tuesday despite record highs from Wall Street and rising commodity prices while the market awaited the release of a new Australian business confidence report.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was down 13 points or 0.19 percent at 6,867.70, while the broader All Ordinaries index was down 12 points or 0.17 percent at 7,148.80.

Most sectors were trending lower, with utilities and real estate continuing to lead the loss.

Information technology was still one of the major outperformers on the overall market, followed by energy and materials as commodities' prices kept improving.

"Share investors and crypto-traders appear to expect an ever expanding pool of central bank support, while bond traders are preparing for a taper. Only one of these propositions can be correct," CMC Markets chief market strategist Michael McCarthy said.

"Asia Pacific traders may be more skeptical about the gains, judging by the tepid support for index futures in overnight trading. With little macro data to guide markets, the region may be looking at higher volumes ahead of holidays later this week. "

In the financial space, Australia's big banks dipped with the Commonwealth Bank down (0.71 percent), ANZ down (0.87 percent), National Australia Bank down (0.94 percent) and Westpac Bank down (0.38 percent).

Mining stocks mixed with Rio Tinto down (0.17 percent), BHP up (0.85 percent), Fortescue Metals up (1.39 percent), gold miner Newcrest unchanged (0.00 percent)

The country's oil and gas producers lifted with Oil Search up (0.48 percent) and Santos up (1.78 percent), Woodside Petroleum up (1.17 percent).

Australia's largest supermarkets slipped with Coles down (0.49 percent), and Woolworths down (0.31 percent).

Meanwhile, telecommunications giant Telstra was up (0.16 percent), the national carrier Qantas jumped (1.26 percent) and biomedical firm CSL sank (0.44 percent).
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