The Australian Market Is Taking A Dive

Photo: Getty Images

The Australian market has lost almost 1% in value with investors selling down on local news.

Wall Street trading was quiet overnight with the S&P 500 closing higher by just 0.1%.

In Australia, record low wages growth and continued subdued consumer confidence added pessimism to the market.

The S&P/ASX 200 was down 52.70 points to 5,464.40.

The miners and the banks dragged the market lower.

BHP was down 2.84% to $33.20 and Rio Tinto 1.5% to $59.57.

Westpac lost more than 1% to $33.27 and the Commonwealth Bank 1.12% to $82.07.

Macquarie Bank went ex-dividend and its share price dropped by 2.5% to $60.26.

Myers shares fell more than 6% to $1.78 after the department store announced flat first quarter sales. The stock has lost more than 25% in value in just two months.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.