Weak open for Aussie stocks

The Australian stock market has opened marginally weaker, following a mixed lead from offshore markets.

At 1015 AEDT, the benchmark S&P/ASX200 index was down 4.1 points, or 0.08 per cent, at 4,859.0 points, while the broader All Ordinaries index had fallen 2.0 points, or 0.04 per cent, to 4,875.7.

On the Sydney Futures Exchange, the June share price index contract was three points higher at 4,882, on a volume of 4,450 contracts.

Financial, mining and resources stocks mostly were lower at the start of trade, but there were a few substantial rises among coal stocks such as Coal and Allied and New Hope Corporation.

Coal and Allied was almost 2.5 per cent higher at 1026 AEDT, up $2.17 at $90.00, while New Hope was 15 cents, higher, by three per cent, at $5.12.

Toll Holdings also was firmer at the open, up by 14 cents, or 1.9 per cent, at $7.42.

There were about 11 stocks up for every 10 that were down.

On Wall Street, the Dow Jones Industrial Average closed up 0.42 per cent, the S&P500 index advanced 0.03 per cent and the NASDAQ climbed 0.09 per cent.

Gold futures contract prices rose during offshore trade, but silver, copper and crude oil prices were weaker.

IG Markets market analyst Ben Potter said Australia's three biggest sectors _ materials, energy and financials _ had performed poorly during offshore trade and that helped drag the market lower at the start of the local session.

``Those are going to weigh pretty heavily today,'' Mr Potter said.

``I'd imagine there will be a bit of more weakness come to the market.''

Mr Potter said he expected profit-taking at the end of a positive week on the local bourse also would drag the broader market lower on Friday.

At 1025 AEDT, the major Australian banks mostly were trading weaker.

CBA was down eight cents at $56.53, NAB was four cents lower at $26.71 and Westpac had fallen six cents at $27.24.

Moving against the trend, ANZ had risen three cents to $24.91 and Macquarie Group was 27 cents firmer at $49.93.

Mining giant BHP Billiton was two cents lower at $43.14, while Rio Tinto was down 20 cents at $76.79.

Foreign minister Stephen Smith told ABC Radio he expected China to respond on Friday to a request for access to the closed trial of Rio executive Stern Hu.

The Australian businessman is charged with taking bribes and infringing commercial secrets in relation to iron ore price talks last year.

The trial was due to start on Monday.

Fortescue Metals had fallen two cents to $4.88.

- AAP