The Australian sharemarket is slightly lower at midday, as fears resurface over the health of European markets.
The S&P/ASX 200 index has dropped 8 points and is 4,135. On the futures market the SPI is 25 points down.
Company news
Alcoa has announced it will close or curtail 12 per cent of its global smelting capacity. Alumina Limited (ASX:AWC) owns 40 per cent of Alcoa World Alumina & Chemicals, with Alcoa owning the remaining 60 per cent. Alumina chief executive had told The Australian Financial Review he expected production cuts if the period of low prices continued. Alumina shares are trading 0.88 per cent higher at midday at $1.14.
Yancoal Australia plans to push Australian regulators to allow it to back-track on undertakings it made to secure local coal assets as part of its planned merger with Gloucester Coal Limited (ASX:GCL), according to The Australian Financial Review. The paper says Chinese owned Yancoal will seek to avoid or delay having to reduce its interest in local mines to the levels it promised as part of its purchase of Felix Resources. Gloucester shares are trading 0.12 per cent stronger at $8.58.
Best and worst performers
The best performing sector is Consumer Discretionary gaining 6 points to 1,188. Shares in Pacific Brands have risen 4.59 per cent and are trading at $0.57. Shares in News Corp and Fairfax Media are also higher.
The worst performing sector is Telco Services, dropping 3 points to 1,145. Shares in iiNet have fallen 1.69 per cent and are trading at $2.91. Shares in Telecom Corporation of New Zealand and Telstra are also lower.
New Zealand
The NZSX50 is 24 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 down 0.74 per cent to $2.02, followed by Westpac, Chorus and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,619 an ounce and the Australian dollar is buying $US1.0254.
