Following mixed offshore leads, the Australian share market is trading in negative territory and is 1.1 per cent down at noon.
The S&P/ASX 200 index is 46 points down at 4,063. On the futures market the SPI is 52 points lower.
Australia and New Zealand Banking Group (ASX:ANZ) has delivered the full interest rate cut to its home loan customers, cutting mortgage rates to 6.8 per cent. Australia’s third largest bank will cut its standard variable rate on mortgages by 25 basis points. ANZ’s three main rivals Commonwealth Bank of Australia (ASX:CBA) National Australia Bank Limited (ASX:NAB) and Westpac Banking Corporation(ASX:WBC) are yet to reveal any cuts to rates despite the Reserve Bank of Australia reducing its cash rate earlier this week.Shares in ANZ are trading down 1.6 per cent at $21.46.
Aurora Oil & Gas Limited (ASX:AUT) has updated the market on its takeover bid for Eureka Energy Limited (ASX:EKA) stating it is unable to extend the period under the terms of the Corporations Act. The offer is set to expire on June 15. One out of the three Eureka director’s is now recommending the offer to shareholders who have historically been unanimous in rejecting the deal. Shares in Aurora are trading up 0.91 per cent at $3.34.
Best and worst performers
All sectors are in the red: The sector with the fewest losses is Consumer Discretionary losing 5 points to 1,216. Shares in Echo Entertainment Group Limited (ASX:EGP) have risen 3.26 per cent and trading at $4.44. Shares in Fairfax and The Reject Shop are also stronger.
The worst performing sector is Consumer Staples, falling 118 points to 7,593. Shares in Wesfarmers Limited (ASX:WES) have fallen 2.64per cent, trading at $28.79. Shares inTreasury Wine Estates and Coca-Cola Amatil are also lower.
Gold and the dollar
Gold is trading at $US1,568.28 an ounce.
The Australian dollar is buying $98.45 US cents.