Aus shares in savage sell-off

Market Reports

Bearish traders lead the session once again, as the Australian sharemarket followed a savage lead from all overseas markets opening lower and is 1 per cent down at noon. Yesterdays heroes the banking and energy stocks provided a lacklustre performance in morning trade. Weak domestic figures are likely to put the local sharemarket under renewed pressure as we head into the afternoon session.
 
The S&P/ASX 200 index is 54 points down at 5,043. On the futures market the SPI is 45 points lower. 
 
Economic news

Australian GDP disappointed as The Australian Bureau of Statistics reported GDP grew by 0.2 percent in the June quarter, compared with 0.9 percent in the first quarter. This read takes the annual growth rate to 2 percent versus 2.3 percent in the March read. 
 
Company news
 
Ansell Limited (ASX:ANN) has flagged adverse currency movements in its weaker-than-expected outlook. In a letter to shareholders the protectives manufacturer notes its fiscal 2015 results "would have been stronger" were it not for adverse foreign exchange moves and weakness in key operational currencies. Ansell also highlighted recommendations of a rethink of its executive compensation plan after finding some salary packages were out of line with agreed market benchmarks. Shares in Ansell Limited are trading down 0.45 per cent at $21.93. 
 
Avita Medical Limited (ASX:AVH) has reported that one of its European patents has been validated in 11 European countries including Germany and Britain. The regenerative medicine company’s cell suspension preparation device ReCell is considered a rapid and cost-effective technique for grafting cells. Avita says the patent further strengthens Avita’s position as a leader in skin repair technology. Shares in Avita Medical Limited are trading down 3.85 per cent at $0.07. 
 
Best and worst performers

All major sectors are down. The sector with the least losses is Healthcare, losing 0.1 per cent to 18,130. Shares in Primary Healthcare have gained 1.36 per cent and trading at $4.09. Shares in Resmed and CSL are also stronger. 
 
The worst performing sector is Energy, falling 2.8 per cent to 8,799. Shares in Liquefied Natural Gas have fallen 6.72 per cent, trading at $2.50. Shares in Drillsearch Energy and Whitehaven Coal are also lower. 
 
Gold and the dollar

Gold is trading at $US1,139 an ounce.
The Australian dollar is buying $US0.7013

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