THE Australian market has opened lower as the European Central Bank sets a deadline for its Cyprus bailout.
CMC Markets strategist Ric Spooner said the local market had opened in negative territory after the ECB warned Cyprus that it has until Monday to agree to its conditions for a bailout.
"The market's been driven by the situation in Cyprus today and the announcement by the ECB that it may withdraw stimulus to Cyprus banks by Monday," he said.
Mr Spooner said locally the market also reassessed the outlook for interest rates last week after economic data showed the economy was growing.
Shares in troubled retailer Billabong gained 3.5 cents, or 5.04 per cent, to 73 cents after it resumed trading after a halt.
Billabong shares dived more than 20 per cent in late morning trade on Thursday before the company requested a trading halt.
It later released a statement saying it was unaware for the reasons for the sell-off.
The mining giants all opened lower.
BHP Billiton opened 19 cents down to $33.30, Rio Tinto dropped 84 cents to $57.46 and Fortescue fell 8.5 cents to $3.825.
The four major banks were mixed at open.
ANZ fell seven cents to $28.07, Westpac lost two cents to $30.06 and Commonwealth Bank tumbled 54 cents to $68.11.
However National Australia Bank gained 15 cents to $30.50.
KEY FACTS
* At 1023 AEDT on Friday, the benchmark S&P/ASX200 index was down 23 points, or 0.46 per cent, at 4,936.4 points.
* The broader All Ordinaries index was down 25 points, or 0.5 per cent, at 4,951.8 points.
* The June share price index futures contract was down 11 points at 4,959 points, with 9,879 contracts traded.
* National turnover was 317.6 million securities worth $459.2 million.
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