The Australian share market has hit its lowest level in nine months, but has managed the regain some of its early losses and is now 0.72 per cent lower at noon. Fear about economic woes in China continues to plague investors, sparking a broad based sell-off in the big four banks.
The S&P/ASX 200 index has lost 36 points to 5,252. On the futures market the SPI is down 33 points.
Company news
Covermore Group Limited Limited
(ASX:CVO) has reported an increase in net profit to $25.8 million. The figure is a 13.7 per cent increase on last year. The travel insurance provider will pay a fully franked final dividend of 4.1 cents per share. Shares in Covermore are trading 8.52 per cent higher at $2.42.
Cabcharge Australia Limited
(ASX:CAB) has reported a 16.6 per cent slump in net profit to $46.8 million for the year to June 30. Revenue was also down 4.7 per cent to $188 million. The company will pay a final fully franked dividend of 10 cents per share.
Shares in Cabcharge are trading up 1.28 per cent at $3.17.
Best and worst performers The best performing sector is Energy, gaining 2 per cent to 9,406. Shares in Senex Energy
(ASX:SXY) have risen 10.71 per cent and trading at 15 cents. Shares in Paladin Energy and Santos are also stronger.
The worst performing sector is Financials excluding REITs down 1.55 per cent to 6,935. Shares in Insurance Australia Group
(ASX:IAG) have fallen 4.04 per cent, trading at $5.58. Shares in ASX and Magellan Financial Group are also lower.
IPOs Glennon Small Companies Limited
(ASX:GC1) started trading today. The listed investment company floated with an issue price of $1.00, opened at $1.00 and is currently trading at $1.00.
Gold and the dollar
Gold is trading at $US1159 an ounce.
The Australian dollar is buying 73.1 US cents.
