By RTT News, October 03, 2013, 09:56:00 PM EDT
(RTTNews.com) - The Australian stock market is trading weak on Friday with investors pressing sales, tracking cues from Wall Street where stocks declined overnight amid worries about the impact of the partial government shutdown and on weak services sector data.
Consumer discretionary, financial, mining and energy stocks are trading lower, while property trusts stocks are trading mixed.
The benchmark S&P/ASX 200 index, which tumbled to 5,197.7 in early trades, is currently down 22.9 points or 0.4 percent at 5,212. The broader All Ordinaries index is down 22.8 points or 0.4 percent at 5,209.2, off the day's low of 5,196.2.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac (WBK) are down 0.4 to 0.8 percent. Bank of Queensland is down nearly a percent, while Bendigo & Adelaide Bank is trading 1.6 percent up.
Among top miners, BHP Billiton (BHP), Rio Tinto (RIO) and Fortescue Metals are trading lower by 0.6 to 1.2 percent, while Newcrest Mining is adding 1 percent.
In the energy sector, Woodside Petroleum, Santos, Origin Energy and Caltex Australia are down 0.3 to 1 percent, while Oil Search is trading flat.
Twenty-First Century Fox, Leighton Holdings and Bluescope Steel are trading lower by 2 to 2.4 percent. Flight Centre is down nearly 2 percent.
Sims Metal Management, Crown, Aurora Oil & Gas, Beach Energy, Macquarie Group, Navitas, Myer Holdings and Aristocrat Leisure are down 1.2 to 1.6 percent.
Meanwhile, Iluka Resources, Regis Resources and Treasury Wine Estates are trading higher, gaining 1.7 to 2.5 percent.
In the currency market, the Australian dollar opened slightly weak against the U.S. dollar. In early trades, the local unit was quoting at US$0.9396, down marginally from Thursday's close of US$0.9401.
On Wall Street, stocks ended notably lower on Thursday, amid concerns about the ongoing government shutdown and on the back of a report showing a bigger than expected slowdown in the pace of services sector growth.
The Dow ended lower by 136.7 points or 0.9 percent at 14,996.5, the Nasdaq slid 40.7 points or 1.1 percent to 3,774.3 and the S&P 500 declined 15.2 points or 0.9 percent to 1,678.7.
Major European markets turned in a mixed performance on Thursday. While the U.K.'s FTSE 100 index inched up by 0.2 percent, the German DAX index and the French CAC 40 index ended lower by 0.4 percent and 0.7 percent, respectively.
U.S. crude oil ended lower on Thursday, on mixed macroeconomic data with activity in the U.S. service sector declining and uncertainty related to the partial government shutdown. Crude for November delivery declined declined $0.79 or 0.8 percent to close at $103.31 a barrel on the New York Mercantile Exchange.
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