Midday: Aus shares fall 1.4% at noon

Market Reports

Despite seeing our first session in the black for 2016 yesterday, the local share market has once again hit the skids following a dismal lead from Wall Street.
 
Australian stocks opened in negative territory this morning with the index down over 2.4 per cent at one point, but the market has managed to claw back some of those losses and is tracking 1.4 per cent lower at noon. 
 
It has been a sour session thus far for the energy space, with the price of oil losing ground again overnight, and investors continue to sell off mining giant BHP, with the stock falling into the $14 handle. 
 
The S&P/ASX 200 index is 72 points lower at 4,915. On the futures market the SPI is down 68 points. 
 
Company news

Medibio Limited (ASX:MEB) has received $1.2 million from the ATO under the Research and Development Tax Incentive Program. The cash refund is related to expenditure on eligible Australian R & D activities conducted during the 2014/15 financial year. Shares in Medibio last traded at $0.30. 
 
Avita Medical Limited (ASX:AVH), a company specialising in the treatment of wounds and skin defects has announced it has signed distribution agreements for Japan and South Korea for its ReCell device. ReCell is currently CE marked for Europe and TGA-registered in Australia and CFDA-cleared in China. Shares in Avita Medical are trading flat at $0.10. 
  
Best and worst performers

All sectors are in the red but the sector with the least losses is Utilities, losing 0.5 per cent to 6,705. Shares in AGL have risen 0.51 per cent and trading at $17.82. Shares in Duet Group are flat and Ausnet are weaker,  
 
The worst performing sector is Energy, falling 2.9 per cent to 7,241. Shares in Santos have fallen 6.43 per cent, trading at $2.91. Shares in Karoon Gas and AWE are also lower. 
 
Gold and the dollar

Gold is trading at $US1,094 an ounce.
The Australian dollar is buying $US0.6953.  

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