Friday falls: Aus shares 0.34% lower at noon

It has been a disappointing start to the trading session for the Australian share market, dropping at the open but managing to claw back some of those losses in the first two hours of trade, tracking 0.34 per cent lower at noon. The materials space is proving to be the biggest drag on the market this session, with BHP Billiton (ASX:BHP) shedding around 1.5 per cent. Utilities are leading the charge, followed by gains in the Health Care and Industrials sectors.

The S&P/ASX 200 index is 19 points down at 5,903. On the futures market the SPI is 16 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei is down 0.19 per cent, Hong Kong’s Hang Seng has lost 0.26 per cent and the Shanghai Composite is down 0.15 per cent.

Economic news

The Australian Bureau of Statistics has reported that the final demand index for producer prices rose 0.5% in the March quarter 2017. This was mainly due to rises in the prices received for Electricity supply, gas supply; and water supply, as well as building construction and Petroleum refining.

Company news

Infigen Energy Limited (ASX:IFN) has released its third quarter production and revenue results to the market. The renewable energy company says production was 11 per cent higher this quarter than last primarily due to a better wind resource in New South Wales. Revenue of $49.2 million was 24 per cent higher than the previous corresponding period. Shares in Infigen Energy are trading 0.52 per cent higher at $0.96.

Charter Hall Limited (ASX:CHC) has announced a earnings guidance upgrade to 35.9 cents per share equating to 18 per cent growth in post tax operating earnings per security. The REIT has also announced it is undertaking a $275 million, fully underwritten institutional placement to fund $333 million of identified co-investments. Shares in Charter Hall last traded at $5.67.

Best and worst performers

The best performing sector is Utilities, gaining 0.66 per cent to 8,942. Shares in AGL Energy (ASX:AGL) have risen 1.2 per cent and trading at $26.94. Shares in Spark Infrastructure (ASX:SKI) and APA Group (ASX:APA) are also stronger.

The worst performing sector is Materials, falling 1.09 per cent to 9,676. Shares in Northern Star Resources (ASX:NST) have fallen 4.92 per cent, trading at $4.25. Shares in Resolute Mining (ASX:RSG) and Newcrest Mining (ASX:NCM) are also lower.

Gold and the dollar

Gold is trading at $US1,265 an ounce and the Australian dollar is buying $US0.7471.