Aust stocks open lower

Local market falls 0.4 per cent in early trade after weak Wal-Mart results weigh on Wall Street.

By Staff Reporter ·
16 May 2014

The Australian sharemarket opened weaker after weak earnings from US retail giant Wal-Mart contributed to a sharp drop on Wall Street.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index shed 22.5 points, or 0.41%, to 5,488.3 and the broader All Ordinaries index also gave up 23.5 points, or 0.43%, to 5,466.7 points.

In local economic news on Friday, the Australian Bureau of Statistics releases lending finance data for March.

In company news, gas and oil explorer and producer Santos holds its annual general meeting in Adelaide.

The market on Thursday rose, with the benchmark S&P/ASX200 index adding 14.3 points to 5,510.8 and the broader All Ordinaries index also gaining 14.3 points to 5,490.2.