Taking the lead from offshore markets overnight the Australian share market dropped at open but began to lift from lows ahead of the release of inflation data and is trading 0.6 per cent down at noon.
The S&P/ASX 200 index is currently trading 26 points lower at 4,107. On the futures market the SPI is 21 points down.
The Australian Bureau of Statistics has reported the consumer price index rose 0.5 per cent in the June quarter, compared to rising 0.1 per cent in the March quarter. In the June quarter CPI rose 1.2 per cent from last year. Both reads came in slightly softer than had been expected.
The operator of the Australian Securities Exchange, ASX Limited (ASX:ASX), has strengthened its ties with Singapore Exchange and established a data centre link-up in a move geared to internationalising the ASX.
Property developer Stockland (ASX:SGP) has announced the retirement of its Managing Director, Matthew Quinn, and also lowered its expected full year earnings per security guidance.
Pipeline operator APA Group (ASX:APA) has boosted its bid for Hastings Diversified Utilities Fund (ASX:HDF) to $1.3 billion, trumping a rival $1.23 billion bid from Pipeline Partners Australia.
Copper and gold miner OZ Minerals Limited (ASX:OZL) has posted falls in its June quarter production and maintained its full year gold production guidance but warned full year copper production will come in at the lower end of guidance.
Best and worst performers
The best performing sector is Health Care gaining 43 points to 9,345. Shares in CSL Limited (ASX:CSL) have risen 1.79 per cent and trading at $41.02. Shares in Mesoblast Limited (ASX:MSB) are slightly higher while shares in and ResMed Inc. (ASX:RMD) are slightly lower.
The worst performing sector is Industrials, falling 33 points to 3,149. Shares in Bradken Limited (ASX:BKN) have fallen 4.51 per cent, trading at $4.66. Shares in Transpacific Industries Group Limited (ASX:TPI) and QR National (ASX:QRN) are also lower.
Gold and the dollar
Gold is trading at $US1,581 an ounce.
The Australian dollar is buying $US1.021.