THE stock market has opened weaker after huge falls in the materials sector following the reaction to the Henry tax review.
The review recommended a new tax on mining company profits.
At 10.15am AEST, the benchmark S&P/ASX200 index was down 46.6 points, or 0.92 per cent, at 4760.8, while the broader All Ordinaries index had fallen 48.7 points, or 1.01 per cent, to 4785.2 points.
At 10.28am AEST Mining giant BHP dropped $1.56, or 3.83 per cent, to $39.19 and rival Rio Tinto sank $3.80, or 5.27 per cent, to $68.30.
Fortescue Metals was down 20 cents, or 4.57 per cent, at $4.38 and gold miner Newcrest decreased $1.48, or 4.47 per cent, to $31.61.
On Friday, the Dow Jones Industrial Average had fallen 158.71 points, or 1.42 per cent, to 11,008.61 points.
The Standard & Poor's 500 index closed down 20.10 points, or 1.67 per cent, at 1,186.68 points.
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The Nasdaq composite closed down 50.73 points, or 2.02 per cent, at 2,461.19 points.
Dow builds on its gainsShares slide lower at noon
