The Australian sharemarket is lower at noon taking a lead from global stocks that suffered heavy falls after reacting to disappointing economic data from China and Europe. Investors also haven’t taken kindly to Moody’s downgrading some of the world’s biggest banks.
The S&P/ASX 200 index is 42 points lower at 4,046. On the futures market the SPI is 53 points down.
Company news
Sundance Resources Limited
(ASX:SDL) says it’s received copies of court process issued in Cameroon on behalf of the families of the late board members who died two years ago in a plane crash. The miner is also aware of other claims reportedly filed in the Unites States. Both claims are for unspecified damages. Sundance says it will vigorously defend any actions. Shares in Sundance Resources are trading down 2.99 per cent at $0.33.
Woodside Petroleum Limited
(ASX:WPL) says it’s let a supply agreement lapse. The oil and gas company has advised the agreement with CPC Corporation Taiwan for the Browse LNG development was allowed to expire yesterday on the agreement of both parties. The deal was signed at the end of 2007. Woodside shares are trading 1.68 per cent lower at $31.54.
Best and worst performers
The best performing sector is Telco Services gaining 13 points to 1,247. Shares in Telecom Corporation of New Zealand
(ASX:TEL) have risen 1.32 per cent and trading at $1.93. Shares in Telstra Corporation Limited
(ASX:TLS) and Singapore Telecommunications Limited
(ASX:SGT) are also stronger.
The worst performing sector is Materials, falling 178 points to 9,480. Shares in Aquarius Platinum Limited
(ASX:AQP) have shed 14.61 per cent, trading at $0.76. Shares in Intrepid Mines Limited
(ASX:IAU) and BlueScope Steel Limited
(ASX:BSL) are also lower.
Gold and the dollar
Gold is trading at $US1,564 an ounce and the Australian dollar is buying $US1.006.
