Aussie shares are one percent lower at noon after weak overseas leads. Miners are down on lower metals prices and investors cautious ahead of the Reserve Bank’s decision on interest rates this afternoon.
The S&P/ASX200 index is down 44 points at 4,582 and on the futures market, the SPI200 is down 40.
In economic news: The ABS reports retail trade for August increased to $20.464 billion, up 0.3 per cent from the month before and following a rise of 0.7 per cent in July.
The ANZ Bank’s job advertisements survey showed an increase in the number of positions advertised per week to an average of 177,380 in September, up 0.7 per cent from the month before.
The Australian Industry Group/Commonwealth Bank performance of services index dropped 1.9 points in September to 45.6, the eighth time this year that the index has delivered a read below 50- separating contraction from expansion.
To company news: Linc Energy Ltd (ASX:LNC) has penned a deal with a European research centre to develop carbon capture and storage technology. Both Linc and the GFZ research centre in Germany have entered into a memorandum of understanding which will see Linc apply the technology from the research to the company’s coal gasification operations. Linc says it will contribute around $34,000 per quarter towards the research and will retain the ownership of all intellectual property developed. Shares in Linc Energy are 1.97% down at $1.74.
Cougar Energy Ltd (ASX:CXY) has raised $1.149 million through an American investment firm, after cautioning investors last month that it will need to boost funds to guarantee its future viability. The underground coal gasification company says it raised the funds through a series of special advances under the Yorkville Facility, in return for Cougar share sales. Cougar Energy says that it continues to have access to an additional $9.9 million in funding under the Yorkville Facility, subject to the Facility's terms and conditions.Shares in Cougar Energy are steady at $0.04.
Market indices: Most sectors are in the red at noon. The best performing sector is Consumer Staples, with the index up 6 points to 8,222. Shares in Foster’s Group are up 0.82% to $6.17. Shares in Goodman Fielder and Patties Foods and are also higher. The worst performing sector at midday is Materials, with the index down 173 points to 12,490. Shares in Mirabela Nickel have dropped 4.45% to $1.61. Shares in Equinox Minerals and Tiger Resources are also lower at noon.
To New Zealand: The NZSX50 is down 15 points. Taking a look at the top 4 stocks by turnover: Fletcher Building is at the top of the list with stock down 0.98% at $8.10 followed by; Westpac, Telecom of New Zealand and ANZ.
To gold and the dollar: Gold is trading at US$1313 an ounce and the Aussie dollar is trading at 96.71 US cents.
