In the red: Aus shares 0.3% lower at noon

Following weak leads from Wall Street the Australian share market has followed suit this morning, dropping at the open and losing momentum in the first two hours of trade, tracking 0.3 per cent lower at lunchtime. The Health Care and Consumer Staples sectors are proving to be the biggest weight on the index so far, with Ramsay Health Care (ASX:RHC) and Resmed (ASX:RMD) both losing around 1.7 per cent. REITs have bounced back today after a couple of days of losses, and we have also seen some moderate gains in the materials space.

The S&P/ASX 200 index is 18 points down at 5,742. On the futures market the SPI is 21 points lower.

Economic news

According to latest figures from the Australian Bureau of Statistics housing finance for owner occupation fell 0.2 per cent for January, seasonally adjusted. In terms of personal finance commitments, they fell 2.8 per cent and commercial finance commitments for January fell 7.1 per cent.

Company news

Genex Power Limited (ASX:GNX) has advised that following the financial close of Phase One of its Kidston Solar Project, the construction program is well underway and remains on track. The renewable energy company says first generation is expected in the fourth quarter of 2017 and practical completion is expected in the first quarter of 2018. Shares in Genex Power are trading up 1.92 per cent at $0.27.

Rhinomed Limited (ASX:RNO) has advised that it has undertaken a $2.1 million private placement at 1.8 cents per share. The breathing technology company says the placement was made to two US based sophisticated groups, under the company’s 15 per cent placement capacity. The proceeds of the placement will be used to drive Rhinomed’s strategy of expanding on its retail distribution footprint. Shares in Rhinomed are trading up 5.88 per cent at $0.02.

Best and worst performers

The best performing sector is REITs, gaining 0.54 per cent to 1,327. Shares in Viva Energy (ASX:VVR) have risen 4.11 per cent and trading at $2.28. Shares in GPT Group (ASX:GPT) and Dexus Property (ASX:DXS) are also stronger.

The worst performing sector is Staples, falling 1.02 per cent to 9,381.Shares in Australian Agriculture (ASX:AAC) have fallen 3.26 per cent, trading at $1.49. Shares in Treasury Wine Estates (ASX:TWE) and GrainCorp (ASX:GNC) are also lower.

IPOs

Wattle Health Australia (ASX:WHA) started trading today. The food and beverage company floated at $0.20, opened at $0.22 and is currently trading at $0.21.

Gold and the dollar

Gold is trading at $US1,201 an ounce and the Australian dollar is buying $US0.7560.