Following soft leads the Australian share market opened lower as concerns mount that China’s demand for resources is slowing. The market is in the red at noon.
The S&P/ASX 200 index is 21 points down at 4,255. On the futures market the SPI is 18 points lower.
Company news
Beach Energy Limited (ASX:BPT) shares have risen to one of the top 200’s best performers. Beach announced developments at its Haslam -1 wet gas exploration well in South Australia. The oil and gas explorer holds a 50 per cent interest in the project and expects the drilling to take 14 to 18 days. Shares in Beach Energy are trading 1.42 per cent higher at $1.57.
David Jones Limited (ASX:DJS) shares have fallen to one of the worst top 200 performers today, after it revealed a first half profit drop of 19.6 per cent to $85 million. The retailer has forecast a plunge of between 35 and 40 per cent for full year profit. Shares in David Jones have plunged 9.52 per cent at $2.47.
Best and worst performers
The best performing sector is Utilities gaining 10 points to 4780. Shares in Energy World Corporation Limited (ASX:EWC) have risen 1.2 per cent and trading at $0.84. Shares in APA Group (ASX:APA) and Duet Group (ASX:DUE) are also stronger.
The worst performing sector is Materials, falling 123 points to 10,937. Shares in Medusa Mining Limited (ASX:MML) have fallen 9.9 per cent, trading at $5.19. Shares in BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO) are also lower.
New Zealand
The NZSX50 is down 5 points 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 down 3.62 per cent at $2.395, followed by Fletcher Building, ANZ Banking Group and Westpac Banking Corporation.
Gold and the dollar
Gold is trading at $US1,653 an ounce.
The Australian dollar is buying $US1.0499.
