Australian shares opened lower with a 0.2% decline in the S&P/ASX 200, attributed to a 1.1% drop in financials, driven by downgrades from Macquarie on the big four banks, while the materials sector rose by 1.5% due to rebounds in iron ore miners Rio Tinto, BHP, and Fortescue, following three-month lows earlier this week.
At noon, the S&P/ASX 200 is 0.13 per cent lower at 7,719.00.
The SPI futures are pointing to a fall of 7 points.
Best and worst performers
The best-performing sector is Materials, up 1.71 per cent. The worst-performing sector is Financials, down 1.62 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 6.43 per cent higher at $3.395. It is followed by shares in South32 (ASX:S32) and BHP Group (ASX:BHP).
The worst-performing large cap is REA Group (ASX:REA), trading 3.08 per cent lower at $181.48. It is followed by shares in Yancoal Australia (ASX:YAL) and Westpac Banking Corporation (ASX:WBC).
Commodities and the dollar
Gold is trading at US$2178.60 an ounce.
Iron ore is 2.9 per cent lower at US$107.15 a tonne.
Iron ore futures are pointing to a 0.2 per cent fall.
One Australian dollar is buying 66.24 US cents.
