The Australian share market opened more than one per cent lower today. A weak end on Wall Street last week has pulled our market down, as have the big four banks today.
The S&P/ASX200 index is down 70 points and is 4,662 at noon. On the futures market the SPI is down 73 points.
Looking at company news: BHP Billiton (ASX:BHP) is withdrawing from its Zambian Mumbwa copper joint venture with Blackthorn Resources Ltd, who will now have a 100 per cent stake in the project. Blackthorn’s managing director Scott Lowe said the move was a very positive development for his company’s shareholders. Shares in BHP are down 1.27 per cent at noon and are trading at $43.49.
Elders (ASX:ELD) posted a $14.6 million loss for the first half of this year today. The company said the loss was influenced by non-recurring items like previously advised cyclone damage. It also said debt and gearing were further reduced for the half.
Shares in Elders are down 8.08 per cent at noon and are trading at $0.455.
To the best and worst performers, the sector with the smallest losses is Utilities, down 36 points to 4,330. Shares in Energy World (ASX:EWC) have gained 1.01 per cent and are trading at $0.50. Shares in SP AusNet (ASX:SPN) and APA Group (ASX:APA) were also higher, at midday.
The worst performing sector is Financials excluding REITS, down 101 points to 5,060. Shares in Westpac (ASX:WBC) are down 2.51 per cent to $22.18. Shares in ANZ (ASX:ANZ) and NAB (ASX:NAB) are also lower at noon.
To New Zealand: The NZSX50 is down 16. The top four stocks by turnover were, Telecom Corporation of New Zealand is at the top of the list with stock down 0.43 at $2.29.5 followed by ANZ, Fletcher Building and Guinness Peat Group.
To gold and the dollar: Gold is trading at $US1,511 an ounce and the Aussie dollar is buying $US1.599.
