The local bourse is following overseas markets sharply lower as jitters over big banks and commodity prices sent the ASX below the 4,900 mark in early trade.
The market has since recovered some early losses to be 0.4 per cent down at noon.
The S&P/ASX 200 index is 25 points down at 4,940. On the futures market the SPI is 23 points lower.
Company news
Nine Entertainment Company
(ASX:NEC) has announced Greg Barnes as its new CFO. Mr Barnes is the current CFO of CSR Limited and his resignation there was announced by CSR this morning. He will start his new position with Nine on the 4th of July this year. Shares in Nine Entertainment Co last traded 1.78 per cent lower at $1.10.
Auckland International Airport Limited
(ASX:AIA) says it will build a new distribution centre for Fonterra’s New Zealand business. The state-of-the-art 11,000 sqm facility will be built as part of the airport’s industrial business park and the long term lease begins in March next year.
Shares in Auckland International Airport last traded 0.35 per cent higher at $5.80.
Best and worst performers
The best performing sector is utilities, gaining 0.6 per cent to 7,007. Shares in Spark Infrastructure have risen 2.5 per cent and trading at $2.05. Shares in APA Group are higher but AGL Energy is trading lower.
The worst performing sector is energy, falling 1.4 per cent to 7,401. Shares in Whitehaven Coal have fallen 5.6 per cent, trading at $0.59. Shares in WorleyParsons and Origin Energy are also lower.
IPOs China Dairy Corporation
(ASX:CDC) started trading today. The food company floated with an issue price of $0.20, opened at $0.24 and is currently trading at $0.26.
Gold and the dollar
Gold is trading at $US1,237 an ounce.
The Australian dollar is buying 75.34 US cents.
