Following weak leads from Wall Street, the Australian share market is spending its last day of the trading week in the red, and is currently tracking 1 per cent lower at noon. Investors once again are nervously selling off the banks and the big miners, with ANZ the biggest victim, shedding more than 5 per cent so far. Healthcare seems to be bucking the trend today, with CSL, Sirtex and Cochlear all making some small advances.
The S&P/ASX 200 index is 52 points lower at 5,091. On the futures market the SPI is down 54 points.
Company news
Beach Energy Limited
(ASX:BPT) has provided the market with an update on its merger with Drillsearch Energy, saying it will incur about $28 million in savings. These savings will come from the redundancy of the majority of Sydney-based employment positions, termination of contractors and consultants and redemption of convertible notes. Shares in Beach Energy are trading down 6.67 per cent at $0.63.
Mesoblast Limited
(ASX:MSB) says the US Patent and Trademark Office has granted a key patent covering the use of the company’s Mesenchymal Precursor Cells for the treatment of a broad range of rheumatic conditions, including rheumatoid arthritis. MPCs secrete anti-inflammatory factors and are thought to mediate their effects on inflammatory joint conditions. Shares in Mesoblast are trading up 8.87 per cent at $2.70.
Best and worst performers
The best performing sector is Healthcare, gaining 1.3 per cent to 19,389. Shares in Mesoblast have risen 8.87 per cent and trading at $2.70 Shares in Sonic Health and Fisher and Paykel Health are also stronger.
The worst performing sector is Financials excluding REITs, falling 2.5 per cent to 6,506. Shares in ANZ have fallen 4.91 per cent, trading at $24.09. Shares in Bendigo Bank and Westpac are also lower.
Gold and the dollar
Gold is trading at $US1,222 an ounce.
The Australian dollar is buying $US0.7519.
