By RTT News, September 19, 2013, 09:57:00 PM EDT
(RTTNews.com) - The Australian stock market is trading weak on Friday, with investors indulging in some profit taking after the previous session's strong upmove.
Energy, mining, industrial and healthcare stocks are trading weak, while financial and consumer discretionary stocks are trading mixed.
The benchmark S&P/ASX 200 index is down 18.8 points or 0.4 percent at 5,276.7. The broader All Ordinaries index is trading at 5,269.9, down 18.7 points or 0.4 percent from its previous close.
Among bank stocks, Commonwealth Bank of Australia and National Australia Bank are up marginally, while ANZ Bank and Westpac (WBK) are down 0.3 percent and 0.5 percent, respectively. Bendigo & Adelaide Bank and Bank of Queensland are trading modestly higher.
Top miners BHP Billiton (BHP) and Rio Tinto (RIO) are trading lower by 1.1 percent and 1.3 percent, respectively.
Atlas Iron, Arrium, James Hardie Industries and Downer EDI are trading lower by 2 to 2.4 percent. Fortescue Metals and Cochlear are down nearly 2 percent. Mirvac Group, Investa Office Fund, Monadelphous Group and Caltex Australia are down 1.5 to 1.8 percent.
Meanwhile, David Jones, Federation Centres and Myer Holdings are trading higher, gaining 1.5 to 2 percent.
In the currency market, the Australian dollar opened lower against the U.S. dollar. In early trades, the local unit was quoting at US$0.9439, down 0.8 percent from Thursday's close of US$0.9515.
On Wall Street, stocks turned in a lackluster performance on Thursday, with traders taking a breather after the previous session's rally, which was inspired by the Federal Reserve's decision to refrain from scaling back its stimulus program.
The major averages ended the day mixed, as the tech-heavy Nasdaq extended yesterday's upward move but the Dow and the S&P 500 gave back some ground. While the Nasdaq edged up 5.7 points or 0.2 percent to 3,789.4, the Dow dipped 40.4 points or 0.3 percent to 15,636.5 and the S&P 500 slipped 3.2 points or 0.2 percent to 1,722.3.
Major European markets ended higher on Thursday. The U.K.'s FTSE 100 index gained 1 percent, while the French CAC 40 index and the German DAX index closed higher by 0.9 percent and 0.7 percent, respectively.
U.S. crude oil ended sharply lower on Thursday, on profit taking and easing supply concerns with reports that Libyan output is expected to increase shortly. Crude for October delivery ended down $1.68 or 1.6 percent at $106.39 a barrel on the New York Mercantile Exchange.
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