Australian shares ease, defying another Wall Street slump



Updated

October 12, 2018 10:18:33

Australian shares continue to be caught up in the global sell-off, but early falls are a lot smaller than Wall Street’s slide overnight.

The benchmark ASX 200 index dropped by 0.5 per cent to 5,857 shortly after trade opened, and the broader All Ordinaries index has fallen by a similar amount to 5,963 points.

Mining stocks have rebounded — BHP, Rio Tinto and Fortescue Metals gained 1.3, 1.2 and 1.8 per cent respectively.

But major financial stocks have continued to weigh on the broader market, with losses from AMP (-1.1pc), Commonwealth Bank (-0.8pc), ANZ (-1pc), Westpac (-0.4pc) and NAB (-0.3pc)

On Thursday, the local bourse shed about $50 billion in value — its worst one-day fall in eight months.

It has followed a weak lead from Wall Street, which saw its industrial-skewed Dow Jones index plummet by almost 1,400 points in the last couple of days.

The Australian dollar was buying 71.24 US cents at 10:00am (AEDT).

More to come.

Topics:

stockmarket,

markets,

currency,

business-economics-and-finance,

australia

First posted

October 12, 2018 10:14:35



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