Following a negative lead from Wall Street the Australian share market opened in the red and is 0.4 per cent lower at noon. Most sectors are down with weakness from the banks and miners.
The S&P/ASX 200 index has lost 16 points and is 4,177. On the futures market the SPI is now 7 points weaker.
Economic news
The latest read on consumer sentiment has fallen. Westpac and the Melbourne Institute’s index of consumer sentiment shed 8.3 per cent in December after gaining 6.3 per cent in November. Despite a rate cut earlier this month the index fell from 103.4 points in November to 94.7, its lowest level since August.
Company news
Telstra Corporation Limited (ASX:TLS) has appointed Andrew Penn as its chief financial officer, replacing John Stanhope. Australia’s biggest telco says Mr Stanhope will leave at the end of the year after more than four decades with the company. Mr Penn will join Telstra from March 1, 2012 with deputy CFO Mark Hall to step into the CFO role in the interim period. Shares in Telstra have firmed 0.15 per cent and are trading at $3.275.
Perpetual Limited (ASX:PPT) has appointed Matt Williams and Charlie Lanchester to the roles of head and deputy head of equities respectively. The wealth manager has also today confirmed fund manager John Sevior will not be returning by mutual agreement after 17 years with the company. Shares in Perpetual have dipped 0.25 per cent and are trading at $20.11.
Best and worst performers
Most sectors are lower: The best performing sector is: Health Care putting on 31 points to 7,991. Shares in CSL have risen 1.1 per cent and trading at $32.18. Shares in Coclear and Blackmores are also stronger.
The worst performing sectors is Materials, falling 87 points to 10,965. Shares in Kagara have dropped 10.29 per cent and trading at $0.305. Shares in Intrepid Mines and Fortescue Metals Group are also lower.
New Zealand
The NZSX50 is 16 points weaker: Taking a look at the top four stocks by turnover, Chorus is at the top of the list with stock easing 2.93 per cent to $2.98 followed by recently listed Trade Me Group, Telecom Corporation of New Zealand and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,635 an ounce.
The Australian dollar is buying $US1.0012.
