Tokyo, March 17: The share market opened lower today after world markets dived overnight on continuing fears over the nuclear crisis in Japan.
At 10.10am (AEDT), the benchmark S&P/ASX200 index was 26.9 points lower at 4531.3, while the broader All Ordinaries index was 30.3 points lower at 4613.7.
On the ASX 24, the March share price index futures contract was 46 points lower at 4521, with 13,573 contracts traded.
This contract will expire at midday today. The new June futures contract contract was 86 points lower at 4498, with 18,149 contracts traded.
The falls continued a trend over the last week that was reversed overnight when the local bourse closed in the black – as did Asian shares – for the first time in the past six trading sessions.
Worsening fears about the nuclear crisis in Japan shook financial markets in the US, where the Dow Jones industrial average fell 2.04 per cent, its biggest drop since August 11.
European shares also fell.
IG Markets market strategist Ben Potter said he believed the market would fall below the psychologically important 4500 level following the bearish overnight leads from the US.
“We’re expecting to be obviously pretty weak. I don’t think the situation has changed too much in Japan, but people’s perception of it has changed,” he said.
“We’re getting a few conflicting comments from energy chiefs in the US and Europe overnight, suggesting that what Japanese officials are saying is not truthful and the damage is a lot worse at the Fukushima plant.”
Uranium-exposed shares have plunged again after earning back lost ground today, with Energy Resources down 79c or 10.13 per cent, at $7.01, Paladin Energy dropped 52 c, or 14.05 per cent, to $3.18 and Extract Resources lost $1.67, or 19.74 per cent to $6.79.
The leading materials shares were also down, with Rio Tinto off $1.32 at $77.62 and BHP Billiton down 65c at $42.92.
Banking shares were mostly lower, with Westpac down 27c at $22.19, ANZ losing 36c at $22.26, and NAB was 32c lower at $24.03.
Commonwealth Bank had lost 68c at $49.32.
Making news today, investment bank Macquarie Group Ltd’s chairman David Clarke has resigned due to ill health and Kevin McCann has been appointed to replace him.
Macquarie Group shares were down 77c, or 2.22 per cent, to $33.91.
Department store operator Myer Holdings Ltd says the retail environment remains challenging and it expects a lower net profit for the full financial year as it reported its first half results.
Myer shares were down 3c to $3.07.
New Zealand’s Fletcher Building Ltd declared its $700 million takeover offer for plumbing and building supplies firm Crane Group Ltd unconditional and waived the 90 per cent minimum acceptance condition.
Fletcher shares were down 12c to $6.32, while Crane shares had lost 7c to $9.78.
National turnover was 1.01 billion securities changing hands worth $2.5 billion, with 143 share up, 770 down and 245 unchanged.
———Agencies