Despite weak leads from Wall Street, the Australian share market had a flat open, defying expectations of panic -selling this morning. However, less than an hour into trade the local share market has dropped into negative territory, with early gains in the banks losing momentum. The market is currently 0.59% per cent lower at noon.
Meantime, the Aussie dollar has fallen to fresh six year lows after mixed US jobs figures did nothing to clear up uncertainty relating to a rate hike by the Federal Reserve next week. This morning the dollar hit US68.96 cents, with some economists saying it will hit the US 60 cent mark.
The S&P/ASX 200 index is 30 points down at 5,011. On the futures market the SPI is down 21 points.
Company news AGL Energy Limited
(ASX:AGL) says it’s close to finalising the sale of its 50 per cent participating interest in the Macarthur Wind Farm, 300 kilometres west of Melbourne. The energy company is expecting its share of the wind farm to attract a $500 million price tag. Shares in AGL are trading down 0.19 per cent at $16.
Metgasco Limited
(ASX:MCL) is taking further legal action in the Supreme Court against the New South Wales government. The company is suing the state government for damages associated with the unlawful suspension of its Rosella drilling program for three months in 2014. Shares in Metgasco are trading up 6.12 per cent at 5 cents.
Best and worst performers
The best performing sector is REITs, gaining 0.29 per cent to 1,214. Shares in GPT Group have risen 2.08 per cent and trading at $4.41. Shares in Mirvac and Dexus are also stronger.
The worst performing sector is Energy, falling 1.1 per cent to 8,599. Shares in Senex Energy have fallen 6.9 per cent, trading at 14 cents. Shares in Liquefied Natural Gas and Beach Energy are also lower.
Gold and the dollar
Gold is trading at $US1,122 an ounce.
The Australian dollar is buying 69.40 US cents.
