Australian market set to open lower

THE Australian market looks set to open lower after Wall Street fell with the Dow dropping to its lowest level for 2015.

THE Australian market looks set to open lower after Wall Street fell with the Dow dropping to its lowest level for 2015 as worries spread about the strength of the world economy.

At 0645 AEST on Friday, the September share price index futures contract was down 69 points at 5,168.

No major local economic news is expected on Friday.

In equities news, IAG, Transpacific, Macmahon Holdings, Super Retail Group, Sims Metal Management, Cabcharge are among the companies expected to post full year results while Coca-Cola Amatil and Santos are slated to release half year results.

In Australia, the market on Thursday plunged to a fresh eight-month low due to frenzied selling sparked by weaker oil prices and volatility on China’s markets.

The benchmark S&P/ASX200 index was down 91.6 points, or 1.7 per cent, at 5,288.6.

The broader All Ordinaries index was down 84.3 points, or 1.57 per cent, at 5,295.5.