The Australian share market is fairly flat in early trade, following a weak lead from Wall Street and a sell-off in financial stocks. The All Ordinaries Index (XAO) is down 6pts or 0.2pct in the first hour and a half of trade to 3794.
Financials are being sold off, following weakness from their American cousins, with the sector as a whole down 0.4pct. Shares in Westpac (WBC) are lower by 1.5pct to $19.77 while the Commonwealth Bank (CBA) has lost 0.8pct to $35.88.
The energy sector is weaker by 0.5pct despite a rise in the crude oil price. Supply concerns following a fire at a Texas refinery has pushed the June Nymex contract up more than 1pct to a six month high of US$59.65 a barrel.
The miners are doing well however, with the materials sector firmer by 0.4pct. BHP Billiton (BHP) has risen by 0.7pct to $34.10 while Rio Tinto (RIO) is firmer by 0.5pct to $64.06.
The Australian dollar has eased from seven and a half month highs against the greenback and at 11.30am AEST is worth US77.22c.
