Australian stocks slide on oil, commodities

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Sydney, March 16 (IANS) Australian shares dipped lower at the opening on Wednesday as falls in oil and key commodities overnight weighed on energy and resources stocks.

The benchmark S&P/ASX200 index was down 16.9 points, or 0.33 per cent, at 5,094.5, while the broader All Ordinaries index was down 15.4 points, or 0.30 per cent, at 5,253.2, Xinhua news agency reported.

Aussie stocks are in stuck in a wide, horizontal range trade with relatively low aggregated capital growth given Tuesday’s near 1.5 percent tumble, that was stronger than the futures market and leading indicators had predicted, IG market strategist Evan Lucas said.

“It’s not that unsurprising considering last week the ASX was one of the best performing indices in Asia, and the world for that matter,” escaping the mid-week selling due to the industrial commodities bounce, Lucas said.

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However, there will be pain ahead for traders on Wednesday as there is no justification to see the ASX take a leg higher before an “interesting” press conference from the US Federal Reserve in tonight’s offshore trade.

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