Following weak leads after the Queen’s birthday long weekend and an overnight drop in commodities, the Australian share market opened lower this morning by more than one per cent.
The S&P/ASX200 index is down 40 points to 4,522 at noon. On the futures market the SPI is down 8 points.
Company news
Virgin Australia (ASX:VBA) has received final approval for its proposed alliance with US airline, Delta Air Lines. The US Department of Transportation has given the alliance the green light, so that the companies can coordinate trans-pacific flight schedules. Shares in Virgin Blue Holdings (ASX:VBA) are down 3.28 per cent at noon and are trading at $0.29.5.
Macquarie Group Limited (ASX:MQG) is up against the Australian Tax Office in the courts today, having been accused of orchestrating a private equity-related tax avoidance scheme in the sales of shares in a nickel company founded by Andrew Forrest. Shares in Macquarie Group Limited (ASX:MQG) have dropped 1.09 per cent and are trading at $31.68.
Sectors
All sectors are trading in the red, the sector with the smallest is healthcare, losing 23 points to 8404. Shares in Cellestis Limited (ASX:CST) have gained 1.21 per cent and trading at $3.34. Shares in Sonic Healthcare (ASX:SHL) and Ramsay Health Care (ASX:RHC) are both stronger at noon.
The worst performing sector is energy, falling 246 points to 15,340. Shares in Paladin (ASX:PDN) have dropped 7.89 per cent and trading at $2.57. Shares in Santos (ASX:STO) and Origin Energy (ASX:ORG) and are also weaker at noon.
New Zealand
The NZSX50 is up 7 points. Taking a look at the top four stocks by turnover, Contact Energy Limited Ordinary Shares is at the top of the list with stock down 0.17 per cent at $5.81 followed by Telecom Corporation of New Zealand, AMP, and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,518 an ounce and the Aussie dollar is buying $US1.05.82 cents.
