The Australian market opened higher on the back of gains from the US market on Friday night. However, local stocks lost their momentum after 1pm to fall below the red line shortly before close, weighed down by resource stocks. There were mixed results from the sectors; healthcare gained most significantly while energy was the worst performer. The Australian dollar fell against most major currencies.

Asian share prices held firm after solid US payroll data underpinned investor risk sentiment while last week's dovish comments from Federal Reserve Chair Janet Yellen kept the US dollar in check. British shares have edged higher, buoyed by a rise in pharmaceutical firms, which helped the index to gain for the first time this quarter.

US stocks finished lower on Monday as losses for industrials and materials offset sharp gains in healthcare shares. Meanwhile, a fresh drop in oil prices weighed on risk appetite, eroding investor confidence after last week's comments from Federal Reserve Chairwoman Janet Yellen helped support stock advances.

The Australian market looks set to open flat with the SPI Futures up 2 points despite a poor lead from Wall Street which fell as losses in commodity-related and industrial shares offset gains in healthcare. In local economic news, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision, while the Australian Bureau of Statistics releases February's international trade in goods and services data. The ANZ-Roy Morgan weekly consumer confidence survey is also due out.

Crowe Horwath Australasia Ltd. issued this content on 05 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 April 2016 05:22:12 UTC

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