Following weak leads from US markets the Australian share market dropped at the open and continues to linger deep in negative territory two hours into the trading session, tracking 1.03 per cent lower at noon. While all sectors are in the red, the materials space is proving to be the biggest weight on the index, with the big miners being sold-off. Energy is also faring poorly after a drop in the price of Brent crude overnight.
The S&P/ASX 200 index is 60 points down at 5,717. On the futures market the SPI is 63 points lower.
Company newsNoxopharm Limited
(ASX:NOX) has announced a major commitment to an R&D program involving a rare phenomenon encountered in cancer patients undergoing radiotherapy. The phenomenon known as abscopal response, means the disappearance of all cancers in the body following exposure of only a limited number of those cancers to radiotherapy. Noxopharm believes its lead cancer drug Indronxil has the ability to promote an abscopal response to radiotherapy. Shares in Noxopharm are trading up 5.43 per cent at $0.48.
WorleyParsons Limited
(ASX:WOR) has sought to clarify the intentions of Dar Group following a substantial holding notice lodged by the company acquiring 13.45 per cent of shares in WorleyParsons. At the start of March WorleyParsons was advised by Dar Group that it reserves its right to increase its overall exposure to WorleyParsons to 19.9 per cent in the near term. WorleyParsons declined an $11.80 bid by the Dubai construction group, saying it was not in the best interests of shareholders. Shares in WorleyParsons are trading flat at $10.30.
Best and worst performersThe sector with the least losses is Utilities, losing 0.4 per cent to 8,261. Shares in AGL Limited
(ASX:AGL) have risen 0.3 per cent and trading at $24.64. Shares in APA Group
(ASX:APA) are flat and Ausnet Services
(ASX:AST) are lower.
The worst performing sector is Materials, falling 1.9 per cent to 9,935. Shares in St Barbara
(ASX:SBM) have fallen 9.35 per cent, trading at $2.38. Shares in Resolute Mining
(ASX:RSG) and Regis Resources
(ASX:RRL) are also lower.
Gold and the dollarGold is trading at $US1,234 an ounce and the Australian dollar is buying $US0.7563.
