Aust stocks open lower

Australian stocks have opened more than one per cent lower amid broad based declines as local market players took their cues from a poor night on Wall Street and ongoing troubles in Europe.

At 1028 AEST on Wednesday, the benchmark S&P/ASX200 index was down 56.7 points, or 1.33 per cent, at 4,209.6 points, while the broader All Ordinaries index had fallen 56.7 points, or 1.31 per cent, to 4,259.6 points.

On the ASX 24, the June share price index futures contract was 56 points lower at 4,217 points, on volume of 12,507 contracts.

Resources-linked companies were leading the overall market lower, after futures contract prices for key commodities settled weaker in US trading.

The worst-performing sector at the open was metals and minerals stocks, down 2.97 per cent, according to IRESS data.

The gold (down 2.7 per cent), materials (down 2.53 per cent) and industrials (down 1.95 per cent) sectors were also in the red.

Bell Potter senior adviser Stuart Smith said the local market, despite its strong fundamentals, was again led down due to grim news from offshore.

"We continue to be getting hit with everything bar the ringside bucket and the corner stool," Mr Smith said.

"You can talk about the positives but you might as well howl at the moon. We are caught up in the global economy."

The spot price of gold in Sydney was $US1,539.70 per fine ounce, down $US16.785 from Tuesday's local close of $US1,556.485 per ounce.

Wall Street closed lower - the Dow fell 0.50 per cent, the S&P500 backpedalled 0.57 per cent and the NASDAQ slipped 0.30 per cent.

Making news, CSR said net profit for fiscal 2012 came in at $76.3 million, up from a loss of $78 million the prior year. The result excludes the impact of the sale of CSR's sugar business in fiscal 2011.

CSR was up one cent at $1.70.

National turnover was 410 million securities worth $844.2 million, with 126 stocks up, 542 down and 248 unchanged.

• Find a personal loan
• Find a credit card
• Find a home loan
• Find a savings account