Aust stocks drop at noon

By Elizabeth Redman

The Australian sharemarket has fallen further at noon after a weak consumer confidence read and cautious trade on Wall Street overnight. At 12. 05pm (AEST), the benchmark S&P/ASX200 index was 49. 1 points, or 0. 89 per cent, lower at 5,461. 8 points, while the broader All Ordinaries index lost 47 points, or 0. 85 per cent, to 5,451. 5 points.

IG market strategist Evan Lucas said cautious US trade was weighing on the Australian market, despite a slight lift in the iron ore price. "Fundamentals are the new reasoning for caution as commentators are pointing to overvaluations, astronomical multiple expansion and the earnings unable to match price," Mr Lucas said.

Read more here: Business Spectator


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