Following mixed offshore leads, the Australian share market opened slightly higher but quickly retreated into the red and is 0.6 per cent down at noon. The S&P/ASX 200 index is 21 points down at 4,112. On the futures market the SPI is 18 points lower.
Billabong International Limited (ASX:BBG) has been placed in a trading halt today as it announced a proposed capital raising intended for institutional investors. Details of how much money it intends to raise has not been disclosed. Billabong's share price has declined 70 per cent over the year. The news follows the appointment of former Target boss Launa Inman as managing director and chief executive last month. Shares in Billabong last traded at $1.83.
Senex Energy Limited (ASX:SXY) has completed the institutional component of its $155 million fully underwritten equity raising. The retail entitlement offer will open next week. The oil producer says the proceeds will be used to fund follow on exploration of the southern Cooper Basin in South Australia. Shares in Senex are trading down 8.17per cent at $0.80.
Best and worst performers
The best performing sector is Real Estate Investment Trusts gaining 4 points to 875. Shares in Abacus Property Group (ASX:ABP) have risen 1.79 per cent and trading at $1.99. Shares in CFS Retail Property Trust and Dexus Property GroBBGup are also stronger.
The worst performing sector is Energy, falling 223 points to 12,448. Shares in Senex Energy Limited (ASX:SXY) have fallen 8.17 per cent, trading at $0.80. Shares in Santos and Beach Energy are also lower.
Gold and the dollar
Gold is trading at $US1,601 an ounce and the Australian dollar is buying $US1.019.