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The Australian sharemarket has opened lower on Friday morning, on the back of a soft lead from Wall Street which edged back from record heights after the Dow Jones briefly topped the 40,000 level for the first time.
The S&P/ASX 200 dipped 0.5 per cent, or 38.6 points, to 7,842.7 around 10:30am AEST, with every sector in the red with the exception of the materials sector.
The Dow Jones hit 40,000 for the first time during Thursday’s session.Credit: NYSE
Iress is at the bottom of the bourse, down 4.6 per cent, followed by Neuren Pharmaceuticals (down 3.1 per cent) and Nanosonics (down 2.7 per cent).
Bendigo and Adelaide Bank are the best performers so far with a 3.7 per cent rise to the share price; GrainCorp has gained 2.3 per cent and Arcadium Lithium is up 1.9 per cent.
Overnight, the Dow slipped 0.1 per cent. The S&P 500 index, which is much more widely followed on Wall Street, dipped 0.2 per cent and the Nasdaq composite fell 0.3 per cent, to 16,698.32. All three indexes had rallied on Wednesday to all-time highs.
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Deere weighed on the market and sank 4.7 per cent despite reporting stronger profit for its latest quarter than expected. It cut its forecast for upcoming profit this fiscal year, below analysts’ estimates, as farmers buy fewer tractors and other equipment.
Homebuilders also helped drag the market lower following a weaker-than-expected report on the housing industry.
Also sinking were GameStop and AMC Entertainment, which slid for a second straight day following their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects.
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