Following weak leads from the US share market, the Australian share market has opened sharply lower to be 0.42 per cent down at noon.
Investor concern over Greek failure on debts is reaching new heights after last ditch talks failed overnight.
The S&P/ASX 200 index is 23 points down at 5,522. On the futures market the SPI is 12 points lower.
Company news
Aurizon Holdings Limited
(ASX:AZJ) says it has reached an enterprise agreement with Queensland rail unions. Aurizon has agreed to a 4 per cent pay increase each year for 3 years as well as the removal of rail passes for employees with the exception of those with more than 25 years of service. The ‘no forced redundancy’ provision has also been scrapped. Shares in Aurizon last traded flat at $5.27.
And Arrium Limited
(ASX:ARI) has announced a further restructure of its mining business. The company will book $320 million in write downs and warned of the sale of significant assets. Capital expenditure is also on the chopping block after Arrium said the tumbling iron prices meant it lost $9 per tonne of ore it shipped to China in the March quarter. Shares in Arrium are also trading flat at $0.16.
Best and worst performers
The only sector making gains today is industrials, up 0.02 per cent to 4,758. Shares in Qube Holdings have risen 2.2 per cent and are trading at $2.56. Shares in Cardno and Downer EDI are also stronger.
The worst performing sector is energy, falling 1.8 per cent to 11,445. Shares in Liquified Natural Gas have fallen 2.78 per cent, trading at $3.84. Shares in Beach Energy and Oil Search are also lower.
Gold and the dollar
Gold is trading at $US1,181 an ounce.
The Australian dollar is buying 77.22 US cents.
