Back in the red: Aus shares 0.78% lower at noon

It has been a disappointing start to the session for the Australian share market, with no lead to follow from US markets due to the Martin Luther King public holiday. The local bourse plunged at the open, and has continued to lose momentum in the first two hours of trade, tracking 0.78 per cent lower at noon. The financials space is proving to be the biggest drag on the market so far this session with losses of around 1 to 1.5 per cent in all of the big four banks. We have also seen a pull-back in the materials space despite iron ore prices reaching 2 year highs.

The S&P/ASX 200 index is 45 points down at 5,703. On the futures market the SPI is 43 points lower.

Company news

Fortescue Metals Limited (ASX:FMG) has announced that Elizabeth Gaines has been appointed to the company as Chief Financial Officer. In her role Ms Gaines will continue on the board as an executive director and remain Commissioner of Tourism WA. Ms Gaines has resigned from her position as a non-executive director of Nine Entertainment Co (ASX:NEC). Shares in Fortescue Metals are trading up 0.39 per cent at $6.37.

Shark Mitigation Systems Limited (ASX:SM8) has signed a License agreement with surf brand Rusty to incorporate their Shark Attack Mitigation Systems visual technology into Rusty’s Australian surfboard portfolio. The company, along with the University of Western Australia has developed scientifically defined patterns which can be applied to a range of applications, including surf boards, to reduce the risk of a shark attack. Shares in Shark Mitigation Systems are trading up 3.23 per cent at $0.16.

Best and worst performers

The best performing sector is Materials, gaining 0.13 per cent to 10,206. Shares in Regis Resources (ASX:RRL) have risen 6.53 per cent and trading at $3.35. Shares in Iluka Resources (ASX:ILU) and Evolution Mining (ASX:EVN) are also stronger.

The worst performing sector is Financials, falling 1.2 per cent to 6,564. Shares in BT Investment (ASX:BTT) have fallen 5.95 per cent, trading at $9.95. Shares in Macquarie Group (ASX:MQG) and Challenger Financial (ASX:CGF) are also lower.

Gold and the dollar

Gold is trading at $US1,205 an ounce
The Australian dollar is buying $US0.7474.