The market has fallen 0.35 per cent at midday, investors are not taking kindly to Standard and Poor’s joining Moody’s and warning it could cut the US’s triple-A credit rating, and continuing trouble in the Australian retail sector.
The S&P/ASX200 index is 15 points lower at 4,475 at noon. On the futures market the SPI is 18 points weaker.
Company news
Fortescue Metals Group Ltd (ASX:FMG) has released its quarterly report to June with all areas recording double digit growth from the previous March quarter. Australia’s third largest iron ore miner reported an 8 per cent rise in June quarter production from a year ago. However, major scheduled maintenance shutdowns at Cloudbreak and the Herb Elliott Port and further works will restrain the September quarter shipments to a range of 12 to 12.5 million tonnes. Fortescue shares have fallen 0.93 per cent at noon and are trading at $6.36.
OceanaGold Corporation (ASX:OGC) has a new chief financial officer. Mark Chamberlain, previously the General Manager of Newcrest Mining Ltd (ASX:NCM), has thirty years experience with a focus on treasury, capital markets, risk management and mergers and acquisitions. Shares in OceanaGold have fallen 1.05 per cent and are trading at $2.82.
Sectors
The best performing sector is Real Estate Investment Trusts, gaining 1 point to 816. Shares in Australand Property Group have added 3.01 per cent and are trading at $2.74. Shares in Charter Hall Retail REIT and Stockland are also higher.
The worst performing sector is Materials shedding 100 points to 13,402. Shares in Conquest Mining Ltd have fallen 2.33 per cent and are trading at $0.42. Shares in Extract Resources Ltd and Brickworks Ltd have also fallen.
New Zealand
The NZSX50 is 2 points higher.
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 0.41 per cent at $2.45 followed by Fletcher Building, Westpac and Guinness Peat Group.
Gold and the dollar
Gold is trading at $US1,586 an ounce and the Australian dollar is buying $US1.0736 cents.
