Australian sharemarket sinks for sixth day straight

Share market hits first six-session run of losses since December last year

The Australian stock market looks set to open lower, following falls on Wall Street overnight.

At 0654 AEST on Tuesday, the June share price index futures contract was down 25 points at 5,477.

US stocks were lower, led by large declines in technology shares and airline stocks.

Locally on Tuesday, the ANZ-Roy Morgan weekly consumer confidence survey, ANZ job ads figures for May and the National Australia Bank’s monthly business survey for May are due out. The Australian Bureau of Statistics will also release its housing finance data for April.

In Australia, the stock market on Friday had its worst weekly performance in three years, with a massive $75 billion stripped from its value over the week.

Local markets were closed on Monday for the Queen’s birthday public holiday.

The benchmark S&P/ASX200 index on Friday was down 5.8 points, or 0.11 percent, at 5,498.5 points.

The broader All Ordinaries index was down 4.8 points, or 0.09 percent, at 5,506.5 points.

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About the Author: Akhtar Jamal

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