Midday: Aus shares follow US lower

Market Reports

Wall Street ended a winning streak and dipped lower overnight and despite gains in Europe the local market opened lower and continued to slide, down almost 0.5 per cent at midday.
 
The local market has been buoyed in recent days by a jump in the iron ore price but continued strength today hasn’t been enough to support the broader bourse.
 
Uncertainty is flowing from a rates call next week and the Federal Budget to be handed down a week later, with both events having potentially large impacts on the ASX.  
 
The S&P/ASX 200 index is 28 points down at 5,955. On the futures market the SPI is 26 points lower. 
 
Company news
 
GWA Group Limited (ASX:GWA) will sell its Wetherill Park property to Charter Hall for $33 million.  The fixtures and fittings supplier says the 8 hectare property is deemed non-core after manufacturing facilities were closed late last year. Following the sale the group will lease the property back from Charter Hall for three years for warehousing purposes. Shares in GWA Group are trading flat at $2.47 
 
Holista Colltech Limited (ASX:HCT) has secured exclusive rights for Geltox Skin Science a formulation that operates like botox. The biomaterials company says the treatment avoids the need for injections with a topical application lasting for several hours. The technology was developed by Palma Biotech and is patent pending with Holista Colltech set to operate as a partner bringing the innovation to the Asia Pacific region. Shares in Holista Colltech last traded at $0.10 
 
Best and worst performers

The best performing sector is consumer staples, gaining 0.2 per cent to 9,280. Shares in Metcash Limited (ASX:MTS) have risen 2.25 per cent and trading at $1.36. Shares in Woolworths Limited (ASX:WOW) and Tassal Group Limited (ASX:TGR) are also stronger. 
 
The worst performing sector is healthcare, falling 1.6 per cent to 19,193. Shares in ResMed Inc (ASX:RMD) have fallen 3.66 per cent, trading at $8.15. Shares in Ansell Limited (ASX:ANN) and Cochlear Limited (ASX:COH) are also lower. 

Gold and the dollar

Gold is trading at $US1,201 an ounce.
The Australian dollar is buying $US0.7870.

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