Following mixed offshore leads, the Australian share market opened lower and slid into negative territory, falling 0.7 per cent at noon.
The S&P/ASX 200 index is 28 points down at 4,036. On the futures market the SPI is 29 points lower.
Company news
In its latest review of internal forecasts, BHP Billiton Limited (ASX:BHP) has trimmed its outlook for commodities prices over the next three to five years. The global miner's chief Marius Kloppers said last week, it had lower demand overall from a global perspective with supply conditions in some of its products being different to where they were in September last year. Shares in BHP are trading down 1.11 per cent at $31.57.
Shares in Echo Entertainment Group Limited (ASX:EGP) will remain in a trading halt until Monday according to media reports. The company was expected to finalise the details of its $450 million capital raising.Shares in Echo last traded at $4.49.
Best and worst performers
The best performing sector is Telco Services gaining 2 points to 1,238. Shares in Telecom Corp of New Zealand (ASX:TEL) have risen 2.76 per cent and trading at $1.86. Shares in Telstra and SingTel are also stronger.
The worst performing sector is Energy, falling 166 points to 12,336. Shares in Coalspur Mines Limited (ASX:CPL) have fallen 6.32 per cent and trading at $0.89. Shares in AWE and Beach Energy are also lower.
Gold and the dollar
Gold is trading at $US1617.72 an ounce.
The Australian dollar is buying $99.40 US cents.