Following a dismal lead from US and European markets after a more than 7 per cent plummet in Deutsche Bank shares, the Australian market has been heavily sold off in the first two hours of trade and is tracking 0.82 per cent lower at noon. No surprises that the financials space is leading the losses with the big four banks shedding around 1.5 per cent. There is also a sea of red across the energy space despite a small jump in the oil price overnight.
The S&P/ASX 200 index is 45 points down at 5,387. On the futures market the SPI is 46 points lower.
Capilano Honey Limited (ASX:CZZ) says it has launched the world’s first clinically tested pre-biotic honey. Beeotic is said to improve good bacteria in the gut and subsequently improve digestive health. The company says Beeotic is a product of extensive research and a world first clinical study conducted through the University of New South Wales. Shares in Capilano Honey are trading down 0.27 per cent at $18.36.
Pharmaxis Limited (ASX:PXS) says its drug Bronchitol has been approved for marketing in Russia for the treatment of both paediatric and adult cystic fibrosis. The pharmaceutical company says Russia is the largest market accessed to date for Bronchitol. The company says last year the Russian market for Cystic Fibrosis drugs to deal with mucous clearance was around US$29 million. Shares in Pharmaxis are trading up 7.55 per cent at $0.29.
Best and worst performers
The sector with the least losses is Healthcare, losing 0.1 per cent to 21,529. Shares in Resmed have risen 0.24 per cent and trading at $8.40. Shares in CSL and Cochlear are also stronger.
The worst performing sector is Financials excluding REITs, falling 1.3 per cent to 6,593. Shares in Medibank Private have fallen 3.98 per cent, trading at $2.41. Shares in Perpetual and FlexiGroup are also lower.
Gold and the dollar
Gold is trading at $US1,339 an ounce.
The Australian dollar is buying $US0.7642.