Negative offshore leads have pushed the Australian share market down at open. European markets were weighed down after Spain sold off its debt for a lower than expected figure. The Australian share market is 1 per cent down at noon.
The S&P/ASX 200 index is 46 points down at 4,288. On the futures market the SPI is 54 points lower.
Company news
Commercial services company Campbell Brothers Limited (ASX:CPB) has completed the acquisition of UK based Eclipse Scientific Group and Advanced Micro Services (AMS) for $39 million. Eclipse and AMS are providers of food, dairy, water and pharmaceutical testing services.
Late last year, Campbell Brothers announced the acquisition of US-based Columbia Analytical Services that provides environmental and food testing services. Shares in Campbell Brothers are trading up 0.79 per cent at $65.30.
Ardent Leisure Group (ASX:AAD) has issued a correction to a newspaper article appearing in the media today. Ardent says it does not provide guidance on market expectations or give specific earnings or growth forecasts. The clarification comes after CEO Greg Shaw, told The Australian if economic conditions improve, Ardent expects growth will probably accelerate further. Shares in Ardent Leisure are trading down 1.6 per cent at $1.23.
Best and worst performers
The sector with the smallest losses is Utilities losing 4 points to 4,858. Shares in SP AusNet (ASX:SPN) have risen 1.41 per cent and trading at $1.08. Shares in Spark Infrastructure Group and Hastings Diversified are also stronger.
The worst performing sector is Materials, falling 180 points to 10,789. Shares in Intrepid Mines have fallen 8.11 per cent, trading at $0.68. Shares in AngloGold and Kagara are also lower.
New Zealand
The NZSX50 is 12 points down at noon.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock flat at $6.24, followed by Telecom Corporation of New Zealand, Westpac banking and Ryman Healthcare.
Gold and the dollar
Gold is trading at $US1,622 an ounce and the Australian dollar is buying $US1.0262 cents.
