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ASX 200 opens in red; Eagers Automotive, Polynovo lead losses
The Australian share market opened on a lower note on Friday, after a negative closing a day before. The consumer discretionary and IT stocks are creating a drag on the broader markets.
Local energy stocks have also opened in red as crude prices plunged overnight with the US releasing its emergency oil reserves. The benchmark ASX 200 index was trading 0.35% or 26.5 points lower at 7,494.8 in the first 15 minutes of trading.
On Wall Street, the Dow Jones Industrial Average closed 1.56% lower at 34,678.35, while the S&P 500 lost 1.57% to 4,530.41. The NASDAQ Composite ended the session 1.54% lower at 14,220.52.
As of 11:00 AM AEDT, the ASX 200 was trading 0.23% or 17.1 points lower at 7,482.5, while the ASX All Ordinaries index was down 0.13% or 10.1 points to 7,779.5. The A-VIX shot up by 6.17% to 12.85.
Looking at the sectoral view, bears seem to have an upper hand today with nine out of the 11 sectors falling in early session. The consumer discretionary sector has fallen 1.48% while the IT sector was down 1.02% by 11:00 AM AEDT. The materials sector was the top gainer, surging 0.92%.