Following mixed overseas leads, the Australian share market dipped on open and is 0.55 down at noon in what has been choppy morning trade. Energy and Materials are weighing down the local sharemarket on this final day of the trading week. Shares in BHP Billiton have plunged more than 5 percent following an incident at one of its iron ore mines in Brazil.
The S&P/ASX 200 index is 29 points down at 5,164. On the futures market the SPI is 24 points lower.
Economic news
The Reserve Bank has slashed GDP and inflation forecasts, but maintained a relaxed approach to a near-term change to interest rates. In its quarterly monetary policy statement the RBA cut its GDP growth forecast for calendar 2015 to 2.25 percent from 2.5 percent in August. Inflation is now expected to fall within the lower end of its 2 percent to 3 percent target range.
Company news
nib holdings Limited
(ASX:NHF) New Zealand subsidiary nib nz Limited is set to offer private health and travel insurance products as part of a new relationship with New Zealand’s The Warehouse Group. Under the agreement, The Warehouse Group will sell nib health and travel insurance under The Warehouse Money brand. Shares in nib holdings are trading up 0.27 per cent at $3.73.
eBET Limited
(ASX:EBT) CEO and Managing Director, Ken Carr has tendered his resignation from the company for personal reasons, effective immediately. Current COO Peter Walford will assume the role of Acting CEO while the Board undertakes an executive search for a new CEO. Shares in eBET are trading down 9.87 per cent at $3.47.
Best and worst performers
The best performing sector is Health Care, gaining 0.6 per cent to 18,875. Shares in Sigma Pharmaceutical Group have risen 1.89 per cent and trading at $0.81. Shares in Healthscope and Sonic Healthcare are also stronger.
The worst performing sector is Energy, falling 2.6 per cent to 8,713. Shares in Worley Parsons have fallen 5.39 per cent, trading at $6.41. Shares in LNG and AWE are also lower.
Gold and the dollar
Gold is trading at $US1,106 an ounce.
The Australian dollar is buying $US0.7151
