After a dip at open on negative offshore leads, the Australian share market fell slightly further at midday, with all sectors trading in negative territory.
The S&P/ASX200 index has lost 33 points and is 4,275 at noon. On the futures market the SPI is down 40 points.
Company news
Incitec Pivot Limited (ASX:IPL) is the fodder of media speculation today that it could demerge in a bid to stop its fertiliser arm weighing on its share price. UBS analysts have told media that the timing and rationale of a demerger could be just right for the company, potentially driving $9 billion in takeover activity. Shares in Incitec Pivot Limited (ASX:IPL) are 0.26 per cent higher, trading at $3.86.
Paladin Energy Limited (ASX:PDN) has told investors it’s had “serious enquiries” from companies looking at investing in its uranium projects. The company says it may consider selling some stakes in non-producing projects to help with funding. Shares in Paladin Energy Limited (ASX:PDN) have lost 1.72 per cent, trading at just under $2.
Best and worst performers
The best performing sector is Consumer staples, 18 points lower at 7,458. Shares in Goodman have risen 0.72 per cent and trading at 70 cents. Shares in Woolworths and Foster’s are also stronger.
The worst performing sector is utilities, losing 90 points to 4,421. Shares in Envestra have eased 3.47 per cent and trading at 69.5 cents. Shares in AGL energy and Spark Infrastructure have also retreated.
New Zealand
The NZSX50 has lost 18 points. Taking a look at the top four stocks by turnover, Cavotec MSL at the top of the list with stock up 5.56 per cent at $2.85 followed by Wellington Drive, Tourism Holdings, and L&M Energy.
Gold and the dollar
Gold is trading at $US1,829 an ounce and the Australian dollar is buying $US1.0735.
