Australian shares have opened lower, with resources stocks weighing on the market after falls in commodity prices.
At 1015 AEST, the benchmark S&P/ASX200 index was down 20.9 points, or 0.44 per cent, at 4,735.5 points, while the broader All Ordinaries index was down 18.1 points, or 0.37 per cent, to 4,810.1 points.
On the ASX 24, the June share price index futures contract was 18 points lower at 4,742, with 10,506 contracts traded.
Metal prices fell by between 0.9 per cent and 3.1 per cent in overnight trade on the London Metals Exchange, while crude oil futures also fell.
That saw share prices in the materials sector fall.
BHP Billiton was down 71 cents, or 1.58 per cent, to $44.11, Rio Tinto lost 99 cents, or 1.22 per cent, to $80.11 and Fortescue Metals dropped four cents to $6.45.
Energy stocks faired slightly better, with Woodside up 40 cents, or 0.88 per cent, to $45.80, while Santos lost five cents to $14.43 and Oil Search dropped two cents to $7.01.
The spot price of gold in Sydney was $US1,494.70 per ounce at 1022 AEST, down 92 cents from Thursday’s close of $US1,495.62.
Newcrest Mining was down six cents at $38.71.
With a lack of any significant local news, investors were taking their cue from offshore leads, IG Markets analyst Ben Potter said.
“It looks like the local bourse may be set for a weaker end to the week, with selling among materials names likely to weigh the most,” he said.
“With the market up one per cent so far this week, traders may look to lock in some gains ahead of the weekend, which will further pressure the index.”
US stocks overcame disappointing economic data and ended in positive territory overnight, with career-focused social-networking firm LinkedIn making an exceptionally strong market debut.
Its shares more than doubled in their first day of trade.
The Dow Jones Industrial Average rose 45.14 points, or 0.36 per cent, to 12,605.32.
The broader S&P 500 edged up 0.22 per cent to 1,343.60 and the Nasdaq Composite gained 0.3 per cent to 2,823.31.
Locally, financial stocks opened lower, led by the banks.
ANZ was down 22 cents to $22.76, CBA had lost 11 cents to $52.27, NAB dropped 15 cents to $27.25 and Westpac was 17 cents lower to $22.73.
The most traded security by volume was Hawthorn Resources, with 34.8 million securities changing hands for $706,465.
Its shares were up 0.1 of a cent at two cents.
National turnover was 370.8 million securities worth $775.1 million, with 368 stocks up, 264 down and 307 unchanged.
