The Australian share market weakened at open and is 0.3 per cent down at noon. Most sectors are trading lower dragged down by the resources and energy sectors.
The S&P/ASX 200 index has lost 14 points and is 4,259. On the futures market the SPI is down 16 points.
Company news
Western Areas NL (ASX:WSA) has announced the acquisition of Kagara’s Limited (ASX:KZL) nickel assets for $68 million. The Lounge Lizard deposit is located next to Western Area’s Flying Fox nickel mine. Shares in Western Areas are trading 4.93 per cent lower at $5.40.
Shares in Gloucester Coal Limited (ASX:GCL) have risen amid reports its nearing a decision on whether to take up an offer from Yancoal Australia. At the end of last year Gloucester entered into a merger proposal deed with China-owned Yanzhou Coal Mining and its wholly owned subsidiary Yancoal Australia following an approach from the company. Shares in Gloucester Coal are trading 2.07 per cent higher at $8.37.
Best and worst performers
The best performing sector is Utilities adding 26 points to 4,586. Shares in EnviroMission Limited (ASX:EVM) have risen 2.86 per cent and trading at $0.036. Shares in Australian Power and Gas Company Ltd (ASX:APK) and APA Group (ASX:APA) are also stronger.
The worst performing sector is Materials, retreating 88 points to 11,201. Shares in Western Areas NL (ASX:WSA) have fallen 4.93 per cent, trading at $5.40. Shares in Metallica Minerals Limited (ASX:MLM) and OneSteel Limited (ASX:OST) are also down at noon.
New Zealand
The NZSX50 is 13 points higher at noon: Taking a look at the top four stocks by turnover, The New Zealand Refining Company is at the top of the list with stock 1.56 per cent lower at $3.16, followed by Telecom Corporation of New Zealand, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,716 an ounce
The Australian dollar is buying $US1.0736
