After edging higher in early trades, the Australian stock market is trading slightly weak on Thursday, with investors taking some profits at some counters. Selling in resources stocks following a weak trend in commodities prices is also contributing to the market's decline from higher levels.
Consumer staples, property trusts and telecommunications stocks are trading firm. Healthcare stocks are trading weak, while energy and financial stocks are mixed.
The benchmark S&P/ASX 200 index, which advanced to 5,211.6 after opening marginally up, is currently trading at 5,190, down 1.7 points from its previous close. The broader All Ordinaries index is down 3.3 points at 5,170, more than 20 points off the day's high of 5,191.8.
Among bank stocks, ANZ Bank (ANZ), Commonwealth Bank of Australia and National Australia Bank are up 0.7 to 1 percent, while Westpac (WBK) is up with a gain of 0.3 percent. Bendigo & Adelaide Bank and Bank of Queensland are down 0.6 percent and 1.1 percent, respectively.
In the mining space, BHP Billiton (BHP) and Rio Tinto (RIO) are down 0.2 percent and 0.8 percent, respectively. Fortescue Metals is trading 1.4 percent down, while Newcrest Mining is down with a loss of 4.6 percent.
Seek Limited shares are up more than 7 percent. Whitehaven Coal is trading 4.8 percent up. Caltex Australia, Wesfarmers, Flight Centre, GPT Group, Aurizon Holdings and CFS Retail Property Trust are up 2 to 3.5 percent.
Perseus Mining is trading lower by 8.6 percent. Sims Metal Management is down nearly 7 percent and UGL is down with a loss of 5.5 percent.
Regis Resources and Atlas Iron are down 3.9 percent and 3.7 percent, respectively. Macquarie Group, Aurora Oil & Gas, Arrium, QBE Insurance Group, WorleyParsons and Myer Holdings are trading lower by 2 to 3 percent.
In the currency market, the Australian dollar opened slightly higher against the U.S. dollar. In early trades, the Aussie was quoting at US$0.9899, up from Wednesday's close of US$0.9872.
On Wall Street, stocks ended mostly higher on Wednesday, even as traders digested a mixed batch of U.S. economic data. While a better than expected report on homebuilder confidence in the month of May aided sentiment to an extent, an unexpected contraction in regional manufacturing activity and a drop in producer prices in April limited the market's upside.
The Dow rose 60.4 points or 0.4 percent to 15,275.7, the Nasdaq climbed 9 points or 0.3 percent to 3,471.6 and the S&P 500 advanced 8.4 points or 0.5 percent to 1,658.8.
Major European markets too ended higher on Wednesday. While the U.K.'s FTSE 100 index inched up by 0.1 percent, the German DAX index and the French CAC 40 index moved up 0.3 percent and 0.4 percent, respectively.
U.S. crude oil snapped a four-day string of losses to end higher on Wednesday, with the Energy Information Administration's weekly report showing a surprising decline in U.S. crude oil stockpile, even as gasoline inventories unexpectedly edged up last week.
Crude for June delivery ended up $0.09 or 0.1 percent at $94.30 a barrel on the New York Mercantile Exchange, after plunging to a low of $92.13 during the session.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.