The Australian sharemarket is trading lower at noon, responding to the absence of an expected company tax reduction in the federal budget, weak leads from Wall Street and political concerns for France and Greece.
The S&P/ASX 200 index is 35 points lower at 4,279. On the futures market the SPI is 33 points weaker.
Company news Billabong International Limited
(ASX:BBG) has appointed former Target boss Launa Inman as managing director and chief executive. Ms Inman replaces Derek O’Neill, departing the company today after more than 20 years of service. The incoming chief says she will continue to drive the turnaround strategy, extracting greater value from the retail network. Ms Inman will be paid a salary of $1.3 million, receive $100,000 in shares and be entitled to a long term incentive of more than $600,000. Her short term bonus will be determined by the board, up to an additional $1.3 million. She will start on Monday. Billabong shares are trading down 2.08 per cent at $2.35.
And taking a closer look at market movers – Dart Energy Limited
(ASX:DTE) shares have taken a tumble. Late yesterday Dart advised Peter Clarke tendered his resignation from the boards of Dart Energy and Dart Energy International for personal reasons. Chairman Nick Davies says the company will review and where necessary complement the compositions of both boards for the upcoming strategic reorganisation of the group. Dart Energy shares have fallen 5.77 per cent and are trading at $0.24.
Best and worst performers The best performing sector is Telco Services gaining 12 points to 1,254. Shares in Telecom Corporation of New Zealand
(ASX:TEL) have risen 2.0 per cent and trading at $2.04. Shares in Singapore Telecommunications and Telstra Corporation Limited are also stronger.
The worst performing sector is Energy, falling 225 points to 13,269. Shares in Dart Energy Limited
(ASX:DTE) have fallen 5.77 per cent as mentioned previously. Shares in Aquila Resources and AWE Limited are also lower.
Gold and the dollar
Gold is trading at $US1,600 an ounce and the Australian dollar is buying $US1.008.
