Following weak leads, the Australian share market fell out of the gate at open and is 0.67 percent lower at noon as resources stocks follow iron ore and oil prices lower.
The S&P/ASX 200 index is 34 points down at 5,225. On the futures market the SPI is 50 points lower.
The Australian Dollar trended lower on news the Australian trade deficit widened to $3.31 billon versus the $2.6 billion expected as exports fell 3 percent month-on-month.
Company news
Clinuvel Pharmaceuticals Limited
(ASX:CUV) has announced positive preliminary results from a Singaporean Phase II trial, evaluating its drug SCENESSE as a repigmentation therapy in patients with vitiligo. The results supported earlier findings in a US Phase II trial that Scenesse was well tolerated and increased repigmentation in patients with darker skin complexions. Shares in Clinuvel Pharmaceuticals are trading down 1.05 per cent at $2.82.
Norwood Systems Limited
(ASX:NOR) has reported a 60 percent increase in customer downloads from the company’s World Phone consumer telecommunications platform, for the fortnight ending 1 December 2015. The company also reported a 36 percent increase in cumulative revenue. Shares in Norwood Systems are trading down 3.57 per cent at $0.14.
Best and Worst performers
All sectors are lower. The sector with the least losses is Consumer Discretionary, losing 0.2 per cent to 1,906. Shares in Seven West Media have risen 4.17 per cent and trading at $0.81. Shares in Dick Smith and APN News & Media are also stronger.
The worst performing sector is Materials, falling 1.39 per cent to 6,992. Shares in Nufarm have fallen 5.89 per cent, trading at $7.99. Shares in Regis Resources and Northern Star are also lower.
IPOs
Over The Wire Holdings
(ASX:OTW) started trading today. The telecommunications and IT services company floated with an issue price of $1.00, opened at $1.20 and is currently trading at $1.35.
Gold and the dollar
Gold is trading at $US1,054 an ounce.
The Australian dollar is buying $US0.7289
