Midday: Aus shares 0.24% lower at noon

Market Reports

Following soft overseas leads, the Australian sharemarket opened lower and is 0.24 per cent down at noon after a morning of choppy trade.
 
The S&P/ASX 200 index is 13 points down at 5,220. On the futures market the SPI is 23 points lower. 
 
Economic news

Reserve Bank Deputy Governor Lowe gave an upbeat assessment of the Australian economy. Mr Lowe told a Sydney business conference that the fundamentals are strong and provide optimism for the future. Meanwhile NAB reported Business Conditions were unchanged at +9 in September, while Business Confidence lifted to +5 from +1 the previous month.
 
Company news
 
Telstra Corporation (ASX:TLS) has warned shareholders that recent rulings by the ACCC could cost the company up to $430 million in revenue and EBITDA. The telecommunications giant said the consumer watchdog’s ruling on wholesale prices for mobile terminating access services will impede revenue in fiscal 2016 by $350 million. Up to $80 million of potential further losses were attributed to a decision on Telstra’s copper network. Shares in Telstra are trading down 0.45 per cent at $5.55. 
 
SomnoMed Limited (ASX:SOM) has announced record quarterly sales for the first quarter. Global revenues grew by 30.1 percent to $9.64 million in a year-on-year comparison. SomnoMed attributed the performance to growth acceleration in the US market. Shares in SomnoMed Limited are trading up 10.62 per cent at $2.50. 

Best and worst performers
 
The best performing sector is Industrials, gaining 0.9 per cent to 4,765. Shares in Qantas have risen 4.19 per cent and are trading at $3.73. Shares in Transurban and Sydney Airport are also stronger. 
 
The worst performing sector is Energy, falling 2.35 per cent to 9,030. Shares in LNG have fallen 7.4 per cent, trading at $1.69. Shares in Origin Energy and Santos are also lower. 

Gold and the dollar
 
Gold is trading at $US1,163 an ounce.
The Australian dollar is buying $US0.7342

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