Following soft leads, the Australian share market opened lower and is 0.41 per cent down at noon with big miners and most banking stocks leading the local bourse lower.
The S&P/ASX 200 index is 22 points down at 5,226. On the futures market the SPI is 36 points lower.
Company news
Wesfarmers Limited
(ASX:WES) has announced a 4.6 percent lift in total retail sales to $14.23 billion in the September quarter. Supermarket giant Coles reported total sales of $9.43 billion during the quarter, while Bunnings recorded an 11.6 percent increase. Wesfarmers Managing Director Richard Goyder attributed the results to good momentum in the company’s retail portfolio continuing into FY16, supported by the continued reinvestment of productivity improvements into lower prices. Shares in Wesfarmers Limited are trading up 0.32 per cent at $40.83.
South32 Limited
(ASX:S32) has recorded modest increases in alumina and coal production in its quarterly report for the three months to September. The BHP spin-off produced 1.364 million tonnes of alumina alongside approximately 10.7 million tonnes of energy and metallurgical coal. The miner also targeted a 25 percent reduction in group and unallocated costs in fiscal 2016. Shares in South32 are trading up 1.38 per cent at $1.47.
Best and worst performers
The best performing sector is Energy, gaining 1.7 per cent to 8,932. Shares in Santos have risen 12.68 per cent and are trading at $6.13. Shares in Drillsearch Energy and Beach Energy are also stronger.
The worst performing sector is Materials, falling 1.05 per cent to 8,147. Shares in Newcrest Mining have fallen 4.09 per cent, trading at $13.83. Shares in Western Areas and Pact Group Holdings are also lower.
Gold and the dollar
Gold is trading at $US1,167 an ounce.
The Australian dollar is buying $US0.7214
