Negative leads pushed the Australian share market down at open, weighed down by concerns over slower Chinese growth after the nation cut its growth forecast. At noon local equities have shed 0.6 per cent, ahead of the March interest rate decision from the Reserve Bank of Australia.
The S&P/ASX 200 index has lost 24 points and is 4,239. On the futures market the SPI is 24 points lower.
Company news
Westpac Banking Corporation (ASX:WBC) is reportedly cutting more jobs. According to the Finance Sector Union the bank will cut 119 local technology positions. The union says the jobs are going because Westpac believes it can get the job done more economically offshore. Shares in Westpac are steady at $20.76.
Blackthorn Resources Limited (ASX:BTR) has confirmed that construction work at its Perkoa Project in West Africa, for surface infrastructure and processing plant, is on track. The program for commissioning of the processing plant is expected to start early in the third quarter of this year. Shares in Blackthorn Resources are steady at $1.50.
Best and worst performers
The sectors are mainly lower: The best performing sector is Financials Excluding Real Estate Investment Trusts gaining 7 points to 4,615. Shares in Lend Lease Group (ASX:LLC) have risen 1.58 per cent and trading at $7.72. Shares in QBE Insurance Group Limited (ASX:QBE) and Platinum Asset Management Limited (ASX:PTM) are also stronger.
The worst performing sector is Materials, dipping 201 points to 10,995. Shares in OneSteel Limited (ASX:OST) have fallen 4.31 per cent, trading at $1.00. Shares in and Gryphon Minerals Limited (ASX:GRY) and Gindalbie Metals Limited (ASX:GBG) are also down at noon.
New Zealand
The NZSX50 is 15 points higher at noon: Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 2.97 per cent higher at $2.255, followed by Westpac Banking, Chorus and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,707 an ounce
The Australian dollar is buying $US1.0691
