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Australian stocks open lower

Xinhua, August 29, 2016 Adjust font size:

The Australian share market opened lower on Monday.

At the open on Monday, the benchmark S&P/ASX200 index was down 18.3 points, or 0.33 percent, at 5,497.2, while the broader All Ordinaries index was down 18.6 points, also 0.33 percent, at 5,588.8 points.

IG market analyst Angus Nicholson in a note said that the Federal Reserve chair's Janet Yellen's speech at Jackson Hole last Friday had given share markets around the world a greater clarity on the U.S. central bank's future path on interest rates.

However, he said the ASX is set to have a tough day on Monday as materials and energy stocks are poised to struggle in the wake of a stronger U.S. dollar environment.

At the open, ANZ declined 0.26 percent, the National Australia Bank dropped 0.66 percent, the Commonwealth Bank of Australia was down 0.23 percent while Westpac was 0.76 percent lower.

BHP Billiton rose 0.69 percent, rival Rio Tinto sank 0.04 percent, while gold miner Newcrest plunged 0.39 percent.

Oil Search lost 1.16 percent, Santos retreated 0.56 percent and Woodside Petroleum fell 2.68 percent.

Woolworths tumbled 0.48 percent while rival Wesfarmers plunged 2.68 percent.

Qantas was 0.90 percent lower and telecom giant Telstra fell 0.09 percent on Monday's open. Endit