Following weak leads, the Australian share market opened lower and is 1.11 per cent down at noon. Despite the negative open led by the energy sector, local investors have avoided the aggressive falls seen across other global markets. As we move into the afternoon session investors will have a close eye on Chinese market performance.
The S&P/ASX 200 index is 58 points down at 5,212. On the futures market the SPI is 79 points lower.
Economic news
Consumers got the new year off to a confident start. The ANZ/Roy Morgan consumer confidence index rose 0.8 percent in the week ending 3 January.
Company news
Pacific Current Group Limited
(ASX:PAC) has announced the successful closure of its investment in Aperio Group, LLC with an initial investment of $US15.5 million. The company has also repaid its third party debt of $US45.2 million to Medley Capital Corporation. Shares in Pacific Current Group are trading flat at $7.70.
Bradken Limited
(ASX:BKN) has appointed Mr Phil Arnall to the role of Acting CEO and Managing Director following the departure of Brian Hodges. Mr Arnall will remain in the role until a suitable replacement for Mr Hodges is found. Shares in Bradken are trading down 1.89 per cent at $0.52.
Best and worst performers
The sector with the least losses is REITS, losing 0.3 per cent to 1,284. Shares in Westfield have risen 0.37 per cent and trading at $9.45. Shares in Goodman Group are flat and Charter Hall Retail is down.
The worst performing sector is Energy, falling 1.8 per cent to 8,108. Shares in LNG have fallen 5.42 per cent, trading at $0.79. Shares in Whitehaven and Santos are also lower.
Gold and the dollar
Gold is trading at $US1,076 an ounce.
The Australian dollar is buying $US0.7189
