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Aussie stocks slip despite resources continuing rally

Xinhua, February 5, 2016 Adjust font size:

Aussie stocks slipped have slipped at the open on Friday despite the resources sector still rallying on intra-day commodity increases.

At 1010 AEDT on Friday, the benchmark S&P/ASX200 index was down 27.7 points, or 0.56 percent, at 4,952.7, while the broader All Ordinaries index was down 26.8 points, or 0.53 percent, at 5,002.5.

It's been a volatile week for the benchmark index with gains on one day being wiped out the next, despite Australia's resources sector having its best trading day for the year on Thursday, followed by gains on Friday.

Investors are also steadying before the release of U.S. jobs data overnight, while the close of Chinese equities next week for the spring festival will be a good think for local stocks, CommSec market analyst Steven Daghlian told Xinhua.

"The Chinese market combined with other factors like falling oil prices and U.S. markets falling have been drivers of the Aussie markets," Daghlian said.

Australia's half-yearly earnings season begins in earnest on Monday with the expected strong gains in the country's largest banks to potentially shift some of the bearish sentiment from the market moving banking space.

"Maybe it will be nice to have a pause from the impacts on the Chinese markets."

BHP Billiton rallied 3.82 percent, rival Rio Tinto added 2.03 percent, Fortescue Metals edged 0.83 percent higher and gold miner Newcrest lifted 2.87 percent after key commodities posted further gains overnight.

However falls in key global oil prices saw Woodside Petroleum take a 2.17 percent slide, Oil Search is 0.59 percent lower, Santos slump 3.82 percent.

ANZ dipped 1.11 percent, the Commonwealth Bank of Australia fell 0.80 percent, the National Australia Bank slipped 0.63 percent and Westpac dropped 1.48 percent.

Wesfarmers lost 0.44 percent and Woolworths is down 1.17 percent as traders wait for the December retail sales figures to be released, with the market predicting a 0.4 percent increase.

Qantas edged 0.78 percent higher while Telstra is 0.71 percent weaker. Enditem