SYDNEY: The Australian stocks started slightly weaker as falling product prices offset positive leads from Europe.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was down 3.1 points, or 0.06 per cent, at 5,306 points, while the broader All Ordinaries index declined 3.3 points, or 0.06 per cent, to 5,285.7 points.
Overnight, benchmark Brent oil prices declined during London trading, copper also lost ground and iron ore is approaching more than five-year lows reached in December.
Europe’s main stock markets ended higher on Monday, the start of a pivotal week for the region, while Wall Street was closed for Martin Luther King Day.
“A holiday in the US sees Australian investors looking to Europe and commodity markets for an opening market lead today,” CMC Markets chief market strategist, Michael McCarthy, said. “Positive moves in continental shares are offset by falls in oil and copper.”
The materials sector fell 0.61 per cent while energy stocks declined 1.3 percent.
Rio Tinto declined 0.18 per cent at the open to $54.06 after the release of its fourth-quarter production details, while BHP Billiton, which releases its report tomorrow, was little changed at $27.70.
Woodside Petroleum declined 1.38 per cent to $33.70 and Santos dropped 1.33 per cent to $7.44.
Consumer staples declined 0.34 percent and the consumer discretionary sector dropped 0.47 percent. Bucking the downward trend were the financial sector, which rose 0.16 percent, and health care which added 0.29 per cent.
ANZ gained 0.26 per cent to $31.36, while Commonwealth Bank rallied 0.31 per cent to $83.36.
National Australia Bank rose 0.18 per cent to $33.38 while Westpac also advanced 0.15 per cent to $32.68.
Telstra was in positive territory, rising 0.24 per cent to $6.185.
Expectations that the European Central Bank will announce fresh stimulus measures during its meeting later this week has helped drive that region’s investors into equities on Monday.
Frankfurt’s DAX 30 grew 0.7 per cent to a record high close of 10.242,35 points on Monday, while the CAC 40 in Paris gained 0.4 per cent to 4,394.93 points.
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