Midday: Aus shares 2.58% lower at noon

Market Reports

Following a sell-off on Wall Street on Friday, the Australian share market opened well into negative territory this morning and has plummeted 2.58% at noon. The materials space is proving to be the biggest drag on the index, financials are also weighing heavily. 
 
The S&P/ASX 200 index is down 134 points to 5,037. On the futures market the SPI is down 129 points. 

Company news

Newcrest Mining Limited (ASX:NCM) has recommenced mining at its Ridgeway Mine at Cadia over the weekend, following a fatality on the 6th of September. The gold miner says it’s reviewing its safety processes and initiatives and implementing steps to improve safety performance. Shares in Newcrest Mining are trading down 1.74 per cent at $12.41. 
 
Cardinal Resources Limited (ASX:CDV) has completed a $5 million placement at 10 cents per share, with one free listed option for every two shares. It will use the funds for RC drilling and diamond drilling at the Namdini Gold Project in Ghana. The gold explorer’s shares were voluntarily suspended on 15th September, but have since started trading again. Shares in Cardinal Resources are steady at 11 cents. 
  
Best and worst performers

All indicies are down today but the best of a bad bunch is Healthcare, losing 1.36 per cent to 17,745. Shares in Mesoblast have risen 1.17 per cent and trading at $3.47. Shares in Resmed are steady and Mayne Pharma is lower. 
 
The worst performing sector is Energy, falling 3.32 per cent to 8,378. Shares in Karoon Gas have fallen 6.77 per cent, trading at $1.79. Shares in Liquefied Natural Gas and Origin Energy are also lower. 
 
IPOs

Platinum Asia Investments Limited (ASX:PAI) started trading today. The investment company floated with an issue price of $1.00, opened at 99 cents and is currently trading at $1.00.    
 
Gold and the dollar

Gold is trading at $US1,138 an ounce.
The Australian dollar is buying 71.81 US cents. 

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