Aust share market slightly lower
The Australian stock market has opened slightly lower weighed down by falls in banking stocks.
Wall Street finished little changed overnight as concerns about the upcoming referendum on Scottish independence and weak global inflation dampened market sentiment.
The Dow Jones Industrial Average fell 0.12 per cent and the broad-based S&P 500 advanced 0.09 per cent.
IG market strategist Stan Shamu said there is some concern about how Scottish independence will impact the financial sector.
"Investors will keep an eye on NAB as the bank goes through some contingency planning on its UK assets' exposure to the Scottish referendum," he said.
Among the major banks, National Australia Bank fell six cents to $34.36, Westpac lost 15 cents to $34.47, while ANZ was down nine cents at $33.05 and Commonwealth Bank fell 14 cents to $80.50.
Telstra shares were three cents, or 0.54 per cent, lower at $5.56 in early trade.
The iron ore price fell again overnight, down 30 US cents to $US81.90 a tonne, but resources stocks managed to bounce from their recent falls.
"Quite a number of key mining names are trading at or near their 52-week lows at the moment and this is a real concern as key support levels are tested," Mr Shamu said.
"Momentum traders will be looking to take advantage of this in the near term."
BHP Billiton was 24 cents higher at $35.74, while Rio Tinto rose 25 cents to $61.81 and Fortescue Metals gained 2.5 cents to $3.895.
KEY FACTS
At 1020 AEST on Friday, the benchmark S&P/ASX200 index was down 13.3 points, or 0.24 per cent, at 5,532.8 points.
The broader All Ordinaries index was down 13.2 points, or 0.24 per cent, at 5,533.7 points.
The September share price index futures contract was 13 points lower at 5,534 points, with 15,961 contracts traded.
National turnover was 419 million securities worth $679.2 million.
