Midday: Aus shares lower at noon

Market Reports

Following soft leads, the Australian share market opened lower. The local market continued that soft performance and is 0.9 per cent down at noon. The Australian Dollar slipped a quarter of a cent as the Reserve Bank’s meeting minutes noted that both China’s slowdown and the expected US tightening of monetary policy have increased downside risks to the outlook. 
 
The S&P/ASX 200 index is 48 points down at 5,049. On the futures market the SPI is 44 points lower. 

Economic news

The ABS reported a decline in the sales of new motor vehicles. The results noted a 1.6 percent decline to 94,332 for the month of August.
 
Company news
 
Seven West Media (ASX:SWM) has announced a $75 million on-market buy-back. The buy-back will be effected over the coming twelve months. CEO and Managing Director Mr Tim Worner claims the share buy-back will provide flexibility to the company to continue to invest in new revenue streams. Shares in Seven West Media are trading up 6.47 per cent at $0.74. 
 
LWP Technologies Limited (ASX:LWP) has announced operations are on target at its Pilot Plant at Clontarf. The re-line of the Sintering Kiln at Clontarf is complete following earlier set-backs in the project. LWP is now able to move towards manufacturing of the proppants during the latter parts of September. Shares in LWP Technologies are trading up 5 per cent at $0.01. 
 
Best and worst performers

All sectors are lower. The sector with the least losses is the Telcos, losing 0.2 per cent to 1,974. Shares in Vocus have risen 0.33 per cent and are trading at $6.17. Shares in M2 Group are also higher, while Telstra is lower. 
 
The worst performing sector is Energy, falling 1.25 per cent to 8,335. Shares in AWE have fallen 3.31 per cent, trading at $0.58. Shares in Oil Search and Senex are also lower. 

IPOs

Ellerston Asian Investment Limited started trading today. The investment manager floated with an issue price of $1.00, opened at $1.00 and is currently trading at $0.99

Gold and the dollar
 
Finally, to gold and the dollar: Gold is trading at $US1,107 an ounce.
The Australian dollar is buying $US0.7132

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