The Australian sharemarket is lower at noon as concerns the European credit crunch may impact China, the biggest customer for Australia’s miners, took hold.
The S&P/ASX 200 index has lost 49 points and is 4,040. On the futures market the SPI is down 47 points.
Company news
Myer Holdings Limited (ASX:MYR) shares have hit a new low in morning trade, falling as much as 1.5 per cent to around $1.92. The retailer was floated at more than double the price, $4.10, in November 2009. It’s a tough environment for retailers with JB Hi-Fi Limited (ASX:JBH) and David Jones Limited (ASX:DJS) approaching three year lows. Kathmandu Holdings Limited (ASX:KMD) and Billabong International Limited (ASX:BBG) are nearing all-time lows. Myer shares dropped 1.28 per cent and are trading at $1.93.
OZ Minerals Limited (ASX:OZL) says it may have lost as much at 1,200 tonnes of copper concentrate when a train travelling to Darwin derailed. The total value of the concentrate was worth $US 7-8 million. The company says it doesn’t consider the loss to be financially material. A clean-up operation will start when it’s safe to do-so says the company. OZ Minerals shares have lost 5.19 per cent and are trading at $9.87.
Best and worst performers
All sectors are trading in the red. The sector with the smallest losses is Telco Services falling 2 points to 1,134. Shares in Eftel have risen 3.66 per cent and are trading at $0.425. Shares in Telecom Corporation of New Zealand are higher and Telstra shares are flat.
The sector with the biggest losses is Materials, losing 180 points to 10,418. Shares in Lynas Corporation have dropped 7.11 per cent and are trading at $1.045. Shares in Chalice Gold Mines and OneSteel are also lower.
New Zealand
The NZSX50 is 10 points weaker.
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock flat at $2.05 followed by Chorus, Westpac and Sky Network Television.
Gold and the dollar
Gold is trading at $US1,555 an ounce and the Australian dollar is buying $US1.0056.
