The Australian share market is lower as oil stocks again suffer a pummelling, following OPEC's decision not to cut production.
The Australian share market is lower as oil stocks again suffer a pummelling, following OPEC's decision not to cut production.
At 1030 AEDT on Monday, the benchmark S&P/ASX200 index was down 29.3 points, or 0.55 per cent, at 5,283.7 points.
The broader All Ordinaries index was down 29.7 points, or 0.56 per cent, at 5,268.4 points.
The December share price index futures contract was 47 points lower at 5,291 points, with 10,347 contracts traded.
National turnover was 253.82 million securities worth $457.9 million.
"The pressure on the energy stocks is likely to remain over the course of the day, as is the pressure on the commodity-related stocks," said CMC Markets chief market strategist Michael McCarthy.
"But we're seeing good support for other sectors."
Mr McCarthy said investors were likely to focus on Chinese manufacturing data to be released later on Monday.
In the resources sector at 1023 AEDT, mining giant BHP Billiton was down 47 cents at $30.45, Rio Tinto had lost 52 cents to $58.58, but Fortescue Metals had nudged up one cent to $2.95.
Oil and gas producer Woodside Petroleum dropped $1.89, or 5.29 per cent, to $33.86, and Santos dumped 54 cents, or 5.35 per cent, to $9.56.
Among the major banks, Commonwealth Bank was off 33 cents at $80.39, National Australia Bank had backtracked 15 cents to $32.45, Westpac had retreated six cents to $32.49, but ANZ had added three cents to $31.95.
Grocery wholesaler Metcash was 36 cents, or 13.79 per cent, lower at $2.25 after it said its turnaround plans are on track despite another profit slide during the first half.
On Wall Street on Friday, market indices were mixed as energy-related stocks were hammered, after the Organisation of the Petroleum Exporting Countries (OPEC) decided not to cut production in response to lower crude prices.
The Dow Jones Industrial Average rose 0.49 points, or zero per cent, to 17,828.24 points.
US oil prices dropped to a new four-year low after OPEC decided to maintain the status quo on output at 30 million barrels per day, despite a global oversupply that's sent oil prices tumbling more than a third since June.
