Following negative leads from global markets retreating from record highs, the Australian share market opened lower in rough morning trade and is 0.44 per cent down at noon. Rio Tinto is weighing on the market as it trades ex-dividend with shares in insurer QBE also down for the same reason.
The S&P/ASX 200 index is 27 points down at 5,907. On the futures market the SPI is 33 points lower.
Economic news
The ABS has reported fourth quarter GDP is up 0.5 per cent, higher than the 0.3 per cent rise in the previous quarter. That brings the year-on-year GDP to 2.5 per cent, down from 2.7 per cent in the third quarter disappointing some analysts.
Company news
Cloud-based talent recruitment firm 1-Page Limited
(ASX:1PG) has signed a nifty deal with internet giant Amazon.com. Amazon is a Fortune 100 company worth over $US170 billion that employs over 154,000 people. The retailer will use the 1-Page enterprise sourcing platform to find and attract talent. Shares in 1-Page have shot up 10.82 per cent to $1.49 in morning trade.
Australian Pharmaceutical Industries Limited
(ASX:API) has upgraded its first half net profit forecast to $21.1 million, 30 per cent higher than the same period last year. Strong performance in the company’s Priceline and Priceline Pharmacy network during the first two months of the year prompted the upgrade. API will release finalised first half results on 23rd April. Shares in API are trading 0.81 per cent stronger at $1.25.
Best and worst performers
The best performing sector is healthcare, gaining 0.5 per cent to 19,221. Shares in Healthscope have risen 1.81 per cent and are trading at $3.10. Shares in Primary Health Care and Mesoblast are also stronger.
The worst performing sector is materials, falling 1.1 per cent to 9,692. Shares in Fortescue Metals have fallen 3.72 per cent, trading at $2.33. Shares in Western Areas and Rio Tinto are also lower.
Gold and the dollar
Gold is trading at $US1,205 an ounce.
The Australian dollar is buying 78.33US cents.
