Following slightly negative leads from US markets leads, the Australian share market was lead lower at open by the big four banks and is 0.67 per cent down at noon. The miners are on the rise though with BHP, Rio Tinto and South32 all showing gains.
The S&P/ASX 200 index is 38 points down at 5,599. On the futures market the SPI is 24 points lower.
Economic news
GDP for the three months to March grew 0.9 per cent,taking the 12 month figure to 2.3 per cent. The figures came in above expectations of 0.5 per cent rise and follow a 0.5 per cent rise in the December quarter.
Company news
Patties Foods Limited
(ASX:PFL) say the recall of frozen berries linked to an outbreak of hepatitis A has hit their bottom line to the tune of $1.5 million. Net profit for the year is now expected to come in at $15 million, below the $16.7 million reported last year.
Shares in Patties Foods rose 0.83 per cent to $1.21.
And Aurizon Holdings Limited
(ASX:AZJ) says the impact of Cyclone Marcia and industrial action by rail unions in Queensland will shave up to $30 million from earnings. The company is still working to recover lost volumes as a result of cyclone damage to its infrastructure.
Shares in Aurizon Holdings shed 1.06 per cent to $5.15.
Best and worst perfomers
The best performing sector is materials, gaining 0.5 per cent to 9,279. Shares in Independence Group have risen 3.49 per cent and trading at $4.74. Shares in Western Areas and Rio Tinto are also stronger.
The worst performing sector is healthcare, falling 1.8 per cent to 18,482. Shares in Virtus Health have fallen 4.58 per cent, trading at $5.83. Shares in Estia Health and Japara Healthcare are also lower.
Gold and the dollar
Gold is trading at $US1,195 an ounce.
The Australian dollar is buying 78.09 US cents.
