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Aussie share market opens with a sharp fall

Xinhua, October 26, 2016 Adjust font size:

The Australian share market has opened in the red with Ardent Leisure, the parent company of Dreamworld shares down almost eight percent within 13 minutes at the start of trade following its theme park tragedy that claimed four lives on Tuesday.

At the open on Wednesday, the benchmark S&P/ASX200 index was down 38.3 points, or 0.70 percent, at 5,404.5, while the broader All Ordinaries index was down 36.2 points, or 0.66 percent, at 5,487.1 points.

CMC Markets chief market analyst Ric Spooner in a research note said the Australian share markets were waiting on this morning's CPI (Consumer Price Index) data to provide greater clarity on the outlook for Australian interest rates.

"The biggest potential for market reaction might come from a very weak read on underlying inflation," Spooner said.

"That outcome would increase anticipation for another RBA (Reserve Bank of Australia's) rate cut leading to Aussie dollar selling and support for yield stocks," he said.

In early trade, ANZ was down 0.70 percent, the Commonwealth Bank of Australia declined 0.72 percent, the National Australia Bank lost 0.74 percent and Westpac fell 0.78 percent.

BHP Billiton rose 0.43 percent, rival Rio Tinto gained 0.76 percent while gold miner Newcrest was 0.91 percent higher.

Oil Search sank 1.15 percent, Santos dropped 1.89 percent while Woodside Petroleum added 1.35 percent.

Wesfarmers shed 3.28 percent while rival Woolworths retreated 0.02 percent.

Qantas was 0.47 percent lower while telecommunication giant Telstra's was 0.59 percent weaker in the early trade. Endit