Following soft overseas leads, sharp falls in the resources space and an overnight slip in iron ore prices saw the Australian share market open just 0.6 percent lower and is 0.35 per cent down at noon.
The S&P/ASX 200 index is 19 points down at 5,251. On the futures market the SPI is 7 points lower.
Economic news
The ANZ/Roy Morgan consumer confidence index has fallen 2 percent. ANZ head of Australian economics Felicity Emmett said the weekly result was likely driven by deteriorating sentiment about the outlook for the housing market.
Company news
Oil Search Limited
(ASX:OSH) has recorded a fall in quarterly revenue to $US379 million for September. The oil and gas explorer’s production inched to a record 7.42 million barrels of oil equivalents. Oil Search plans to focus on cost cutting including a small reduction in anticipated 2015 exploration and evaluation expenditures. Shares in Oil Search are trading down 1.62 per cent at $7.31.
OZ Minerals Limited
(ASX:OZL) has entered into a Heads of Agreement with Minotaur Exploration. The two companies will collaborate to co-explore in its tenements around the Prominent Hill mine in South Australia’s Gawler Craton region. OZ Minerals says the agreement will accelerate its search for brownfield copper resources. Shares in OZ Minerals are trading down 4.78 per cent at $3.89.
Best and worst performers
The best performing sector is Telcos, gaining 1.7 per cent to 1,948. Shares in Spark New Zealand have risen 2.55 per cent and are trading at $3.02. Shares in Telstra and m2 Group are also stronger.
The worst performing sector is Energy, falling 2.6 per cent to 8,739. Shares in Paladin Energy have fallen 6.52 per cent, trading at $0.21. Shares in Beach Energy and Worley Parsons are also lower.
Gold and the dollar
Gold is trading at $US1,171 an ounce.
The Australian dollar is buying $US0.7270
