Weighed down by negative leads fuelled by global growth concerns the Australian share market dropped at open and is 0.8 per cent down at noon.
The S&P/ASX 200 index has shed 31 points and is 4,261. On the futures market the SPI is 37 points down.
Economic news
Consumer sentiment has fallen to an eight month low. Westpac Banking Corporation (ASX:WBC) and the Melbourne Institute's consumer sentiment index dropped 1.6 per cent to 94.5 index points in April.
The Australian Bureau of Statistics has reported the number of home loans approved dropped 2.5 per cent and total housing finance by value dropped 1.3 per cent in February.
Company news
Worleyparsons Limited (ASX:WOR) has been awarded a contract by ExxonMobil which is expected to be worth $US360 million over five years. The contract will see work on the Hebron Field, an oil and gas development in the Atlantic Ocean, to provide overall project management. Shares in Worleyparsons have fallen 0.74 per cent and are trading at $28.27.
G8 Education Limited (ASX:GEM) has advised that it has been successful in the Singapore legal proceedings, with a court ruling against claims from Cherie Hearts’ franchises. The educational services provider has operated 52 Cherie Hearts’ franchises since the end of last year but problems surfaced over how G8 acquired the centres. Shares in G8 Education have risen 2.33 per cent and are trading at $0.88.
Best and worst performers
Most sectors are in the red: The best performing sector is Health Care adding 24 points to 8,649. Shares in Sigma Pharmaceutical Limited (ASX:SIP) have risen 1.57 per cent and trading at $0.645. Shares in CSL Limited (ASX:CSL) and Ansell Limited (ASX:ANN) are higher.
The worst performing sector is Materials, falling 124 points to 10,700. Shares in OM Holdings Limited (ASX:OMH) have fallen 4.76 per cent, trading at $0.40. Shares in Bannerman Resources Limited (ASX:BMN) and Aquarius Platinum Limited (ASX:AQP) are also lower.
New Zealand
The NZSX50 is 17 points lower at noon: Taking a look at the top four stocks by turnover, Westpac is at the top of the list with stock down 0.29 per cent at $27.52, followed by Fletcher Building, Guinness Peat Group and Telecom Corporation of New Zealand.
Gold and the dollar
Gold is trading at $US1,655 an ounce.
The Australian dollar is buying $US1.0265.
