Following negative leads from US markets the big four banks have lead a broad-based sell off of local shares which has the market 0.84 per cent down at noon.
Fortescue Metals is one of the only bright spots in a sea of red with the miner rumoured to have attracted two state-owned Chinese firms said to be interested in buying into its infrastructure assets.
The S&P/ASX 200 index is 45 points down at 5,653. On the futures market the SPI is 46 points lower.
Company news
Novogen Limited
(ASX:NRT) has lodged 2 new patents to cover its ATM drug technology platform. The new patents expand on earlier patents and allow Novogen to begin and own a manufacturing process for the technology. Shares in Novogen are trading flat at $0.18.
Quickflix
(ASX:QFX) say they have brokered a deal with a Shanghai-based film and TV company to join their businesses and form a global streaming platform for the distribution of Chinese film and TV content into China as well as other international markets. Shares in Quickflix have just emerged from a trading halt. The shares have lost most of their value in the past year and currently trade at less than 1 cent.
Best and worst performers
The best performing sector is materials, gaining 0.6 per cent to 8,539. Shares in Fortescue Metals have risen 10.14 per cent and trading at $1.96. Shares in Oz Minerals and Western Areas are also stronger.
The worst performing sector is energy, falling 1.89 per cent to 10,459. Shares in Liquefied Natural Gas have fallen 6.53 per cent, trading at $2.72. Shares in Origin Energy and Oil Search are also lower.
Gold and the dollar
Gold is trading at $US1,086 an ounce.
The Australian dollar is buying 73.64 US cents.
