Losses in the US and Europe flowed onto the local market this morning with the ASX trading lower for most of the morning.
The miners were a drag on the market today as the iron price continues to weaken and the gold price continues lower.
The dollar was also trading below $US0.74 this morning, driven by increasing chatter about US rates pushing higher.
The S&P/ASX 200 index is 5 points down at 5,610. On the futures market the SPI is 1 point lower.
Drillsearch Energy Limited (ASX:DLS)
is trading lower on weaker revenue numbers despite production meeting guidance levels. The oil and gas producer says revenue for the year was down 35 per cent to $250.5 million on the back of weaker oil prices. Shares in DLS are trading down 1.52 per cent at $0.97
Shares in Astron Limited (ASX:ATR)
have jumped as it is awarded a $31 million claim against the Gambian government. The mineral sands miner says it was awarded damages from the International Centre of Settlement of Investment Disputes in relation to a breach of a mining lease, interest and arbitration costs. Shares in Astron are trading up 11.76 per cent at $0.19
Best and worst performers
The best performing sector is consumer discretionary, gaining 0.8 per cent to 1,896. Shares in Crown Resorts Limited (ASX:CWN)
have risen 2.28 per cent and trading at $13.43. Shares in Domino's Pizza Enterprises Limited (ASX:DMP)
and Dick Smith Holdings Limited (ASX:DSH)
are also stronger.
The worst performing sector is materials, falling 1.1 per cent to 8,480. Shares in Fortescue Metals Group Limited (ASX:FMG)
have fallen 3.43 per cent, trading at $1.69. Shares in South32 Limited (ASX:S32)
and BHP Billiton Limited (ASX:BHP)
are also lower.
Gold and the dollar
Gold is trading at $US1,096 an ounce.
The Australian dollar is buying $US0.7371