Following negative offshore leads the Australian share market plunged more than 1.5 per cent at open and has continued to retreat despite positive retail and building data.
The S&P/ASX 200 index is 74 points down at 4,322. On the futures market the SPI is 77 points lower.
Economic news
The Australian Bureau of Statistics has reported higher than expected retail figures for March. Retail sales rose 0.9 per cent. Retail trade rose $21.23 billion seasonally adjusted for the month.
Company news
Alesco Corporation Limited (ASX:ALS) has urged its shareholders not to take action on the $196.4 million takeover made by DuluxGroup (ASX:DLX) last week. The building material manufacturer says it has not received any documentation relating to the bid. Melbourne based DuluxGroup offered Alesco shareholders $2.00 per share and acquired a 19.96 per cent stake in the company last week. Shares in Alesco are trading up 1.47 per cent at $2.07.
Telstra Corporation Limited (ASX:TLS) has appointed Margaret Seale as a non-executive member to its board. Ms Seale is the managing director of Random House Australia and New Zealand. Telstra says Ms Seale has valuable insights into the digital environment and the management of intellectual property here and overseas. Telstra recently appointed Beijing-based Timothy Chen to its board. Telstra can make no further appointments having reached the maximum 11 directors allowed. Shares in Telstra are trading down 0.42 per cent at $3.60.
Best and worst performers
The sector with the smallest losses is Telco Services losing 4 points to 1,235. Shares in TPG Telecom Limited (ASX:TPM) have risen 1.6 per cent and trading at $1.91. Shares in Singapore Telecommunications was slightly higher whilst Telstra was down.
The worst performing sector is Materials, falling 323 points to 10,602. Shares in Bathurst Resources Limited (ASX:BTU) have fallen 7.81 per cent, trading at $0.59. Shares in Alumina and Aquarius Platinum are also lower.
Gold and the dollar
Gold is trading at $US1,638 an ounce.
The Australian dollar is buying $US1.0136 cents
