Despite positive leads, the Australian share market has fallen 0.3 per cent as investors await Australia’s inflation figures due out tomorrow.
The S&P/ASX 200 index is 13 points down at 4,353. On the futures market the SPI is 12 points lower.
Economic news
The Australian Bureau of Statistics has reported Australia’s producer price index dropped by 0.3 per cent in the first three months of this year. The surprise fall brings the annual figure to 1.4 per cent.
Company news
Spotless Group Limited (ASX:SPT) says it's still in takeover talks with Pacific Equity Partners. Spotless says it has provided Pacific Equity a thorough due diligence process and continues to be in discussions to see whether a proposal could be put to Spotless shareholders. Shares in Spotless are trading up 0.83 per cent at $2.42.
Ainsworth Game Technology Limited (ASX:AGI) is seeking to raise $44 million via a share placement and will be fully underwritten by Macquarie Capital (ASX:MQG). The funds will be used for general corporate purposes. Shares in Ainsworth last traded at $1.565.
Best and worst performers
The best performing sector is Telco Services gaining 3 points to 1,166. Shares in Telecom Corporation of New Zealand (ASX:TEL) have risen 1.01 per cent and trading at $2.00. Shares in Singtel and Telstra are also stronger.
The worst performing sector is Energy, falling 127 points to 14,151. Shares in Karoon Gas Australia Limited (ASX:KAR) have fallen 2.52 per cent trading at $6.20. Shares in AWE and Aquila Resources are also lower.
New Zealand
The NZSX50 is 3 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 down 0.65 per cent at $6.10, followed by Telecom Corporation of New Zealand, Sky Network Television and Westpac.
Gold and the dollar
Gold is trading at $US1,642 an ounce and the Australian dollar is buying $US1.0343 cents.
