The Australian sharemarket has got off to a weak start at the beginning of the trading week amid a retreat among the big four bank stocks and wariness about the riots sweeping across the US.
The S&P/ASX200 Index is down 46.3 points, or 0.8 per cent, to 5709.4 points, confirming the weak strat predicted by the futures market.
The bog four banks are the standout laggards on the early minutes of trading, as investors continue to cash in on the gains of last week’s sector wide rally that boosted the collective market cap of bank stocks by $47 billion in four days.
Commonwealth Bank is down 1.9 per cent to $62.57, Westpac has lost 2.8 per cent to $16.74, and National Australia Bank has reversed by 2.5 per cent to $17.36. ANZ is down 1.9 per cent to $17.55.
Other blue chip laggards include Woolworths, down 1.2 per cent, and Wesfarmers, which has lost 1.1 per cent. Telstra is down 0.9 per cent.
ANZ and the other big four banks are lower in early trade. Henry Zwartz
Among advancers, CSL is leading the way.
The biopharmaceutical giant was one of the worst performers in the S&P/ASX200 Index is May, falling more than 10 per cent, but is up 1.1 per cent this morning to $279.42.
BHP, Rio Tinto and Fortescue Metals Group are advancing strongly after iron ore prices surpassed $US100 a tonne on concerns about supply from Brazil given the growing fallout from the COVID-19 pandemic.
BHP is up 1.3 per cent, Rio is 1.5 per cent higher, and Fortescue has gained 1.2 per cent.
Gold miners are also doing well as prices for the precious metals find support from rising geopolitical tensions.
Newcrest is up 1.4 per cent and Saracen has gained 2.7 per cent.
