By RTT News, October 07, 2013, 10:08:00 PM EDT
(RTTNews.com) - The Australian stock market is trading weak on Tuesday with investors pressing sales, tracking cues from Wall Street where the major averages declined overnight amid growing concerns about the looming U.S. debt ceiling deadline.
Energy, consumer discretionary, property trusts, mining, industrial and financial stocks are mostly trading weak, while healthcare stocks are trading firm.
The benchmark S&P/ASX 200 index, which declined to 5,126.7, is currently trading at 5,134.2, down 26.9 points or 0.5 percent from its previous close. The broader All Ordinaries index is down 29.4 points or 0.6 percent at 5,131.2.
Among bank stocks, ANZ Bank, National Australia Bank and Westpac (WBK) are down 0.6 to 1 percent, while Commonwealth Bank of Australia is in positive territory with a gain of about 0.6 percent. Bendigo & Adelaide Bank and Bank of Queensland are down 0.8 percent and 0.5 percent, respectively.
Top miners BHP Billiton (BHP) and Rio Tinto (RIO) are trading flat.
Regis Resources, Newcrest Mining, Myer Holdings, Leighton Holdings, Challenger and PanAust are trading lower by 2.5 to 4 percent. Whitehaven Coal, Flight Centre, WorleyParsons, Harvey Norman Holdings, Arrium and Fortescue Metals are down more than 2 percent.
Lend Lease Group, ALS, Beach Energy, Dexus Property Group, Investa Office Fund and Insurance Australia Group are also trading sharply lower.
On the economic front, the National Australia Bank Business Survey showed business confidence rose eight index points to 12 in September - its highest level since March 2010. But that positivity is yet to filter through to actual business conditions, which remained in negative territory at -4 points, up from -7 in August, the survey revealed.
Meanwhile, job advertisements rose for the first time in six months. The latest ANZ Job Ads Survey showed that the number of job ads posted on the internet and published in newspapers rose 0.2 percent in September, seasonally adjusted.
In the currency market, the Australian dollar opened higher against the U.S. dollar. In early trades, the local unit was quoting at US$0.9434, up marginally from Monday's close of US$0.9426.
On Wall Street, stocks ended notably lower on Monday, with investors pressing sales following the lawmakers failing to make any progress on resolving the impasse over a government spending bill.
The Dow tumbled 136.3 points or 0.9 percent to 14,936.2, the Nasdaq plunged 37.4 points or 1 percent to 3,770.4 and the S&P 500 slid 14.4 points or 0.9 percent to 1,676.1.
Major European markets ended mixed on Monday. While the French CAC 40 index closed just above the unchanged line, the U.K.'s FTSE 100 index and the German DAX index dipped by 0.3 percent and 0.4 percent, respectively.
U.S. crude oil ended lower on Monday, as supply disruption concerns eased with most producers in the U.S. Gulf coast keying up to production, even as the tropical storm passed with little or no damage to rigs in the region.
Crude for November delivery ended down $0.81 or 0.8 percent at $103.03 a barrel on the New York Mercantile Exchange.
For comments and feedback: contact email@example.com