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Australian stocks trade weaker at noon, S&P 200 sheds 20.9pts

Australian stocks trade weaker at noon, S&P 200 sheds 20.9pts

PERTH: The Australian stocks traded lower at noon on weakness in the financials and after a raft of disappointing company data failed to impress investors

At 12.05pm (AEDT), the benchmark S&P/ASX200 index had fallen 20.9 points, or 0.35 per cent, to 5,867.8, while the broader broader All Ordinaries index gave up 19.2 points, or 0.33 per cent, to 5,830.3.

Overnight, Greece rejected an opening EU bailout offer as “absurd” and “unacceptable”, with a government source saying that “in these circumstances there cannot be a deal today”, while Wall Street was closed for the Presidents’ Day holiday.

Quay Equities head of trading, Tristan K’Nell, said it was no surprise to see the market sold off in the morning, after an outperformance over the past 3 weeks and as disappointing earnings reports placed pressure on stocks.

“Also adding to the weakness was Commonwealth Bank going ex-dividend, so naturally the index was always going to struggle to make gains today,” Mr K’Nell said.

In local economic news, the Reserve Bank of Australia released the minutes of its February board meeting, where it cut interest rates to a record low of 2.25 per cent.