Industrial and energy stocks dragged the market down at open amid concerns about the impact of a deadly virus outbreak in China.
The benchmark S&P/ASX200 index was down 24.3 points, or 0.34 per cent, at 7,108.4 at 1030 AEDT while the broader All Ordinaries index fell 27.7 points, or 0.38 per cent, 7,221.3
The dip across most sectors comes after a record-breaking run for the Australian share market, which smashed through the 7,100 mark on Wednesday on broad-based gains.
Downer EDI dropped more than 20 per cent after a profit warning. It was down $1.80 at $6.95 at 1040 AEDT.
Cimic also tumbled after the contractor warned of a one-off $1.8 billion post-tax charge to come as it writes down its interest in BIC Contracting. It was trading down $5.68, or 16.24 per cent lower, at $29.30 at 1050 AEDT.
Energy stocks fell after oil prices dropped about 2 per cent overnight amid a market surplus forecast by the International Energy Agency and demand worries amid the outbreak of the deadly virus in China..
Traders will be looking to see Thursday’s major Australian employment data when it is released late morning.
The Australian dollar was buying 68.44 cents at 1030 AEDT on Thursday.
AAP
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