The Aussie sharemarket’s slipped into the red at midday, starting the week lower after mixed offshore leads with banks, materials and consumer discretionary sectors pulling it down.
The S&P/ASX200 index is down 19 points and is 4,158. On the futures market the SPI is 12 points lower.
Company news
Paladin Energy Limited (ASX:PDN) has been the best performing stock on the ASX 200 this morning. Chief executive John Borshoff has pledged a variety of cost-cutting measures, including a cut to his own salary by 25 per cent. But Fairfax newspapers report the cut may have to be extended beyond the 12-month term, if such drastic measures are needed to salvage the company. Shares in Paladin Energy Limited (ASX:PDN) are up 2.33 per cent and are trading at $1.53.5.
Seek Limited (ASX:SEK) is expecting domestic operations to post improved full year revenue compared with last year. Chief executive Andrew Bassat gave the forecast at the online job classified company’s AGM this morning, but said it was on the condition the national unemployment rate remains below six per cent. He also expects the group’s international operation to post a significant lift. Shares in Seek Limited (ASX:SEK) are trading half a per cent higher at $6.01.
The best and worst performers
Most sectors are lower. The best performing sector is real estate investment trusts, rising 4 points to 787. Shares in Mirvac are up 1.21 per cent at $1.25.5, Westfield and Goodman are also higher at midday.
The worst performing sector is materials, falling 108 point to 11,224. Shares in Iluka are down 5.02 per cent at $14.95. Shares in Mount Gibson and Sims Metals follow.
New Zealand
The NZSX50 has gained 12 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is up 2.04 per cent to $2.50 followed by Westpac, Telstra Corporation and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,718 an ounce and the Australian dollar is buying 99.82 US cents.
