After gaining 63 points over last week the Australian share market shed more than 1 per cent in the first hours of trade but has now slightly crawled off session lows. Weighed down by negative leads and a disappointing US jobs report the mining and energy sectors are bearing the brunt of selling with financials also posting a soft start to the week.
The S&P/ASX 200 index has sunk 36 points and is sitting at 4,122. On the futures market the SPI is currently 34 points down.
Company news
Gold producer Integra Mining Limited (ASX:IGR) has this morning detailed developments at its flagship Randalls Gold Project in Western Australia. Integra says Randalls ore reserves have increased to 510,000 ounces from open pits, excluding underground ore reserves at the Imperial Discovery. The company has also posted new drilling results for the Imperial Discovery and says the deposit is shaping up to be a significant discovery. Integra says the latest drilling results from its Majestic gold deposit, near Randalls, confirms the potential to expand the deposit. Shares in Integra Mining are trading 2.08 per cent lower at $0.35.
West Africa focused gold explorer Gryphon Minerals Limited (ASX:GRY) says the independent resource estimate at its Banfora Gold Project has increased from 2 million ounces to 4.5 million ounces of gold. Gryphon believes the Banfora Gold Project is one of the largest undeveloped gold projects in West Africa and growing in scale. The projects’ next milestone is expected to the completion of the Definitive Feasibility Studies this year. Shares in Gryphon Minerals are trading 1.4 per cent lower at $0.70.
Best and worst performers
The best performing sector is Telco Services gaining 7 points to 1,287. Shares in Singapore Telecommunications Limited (ASX:SGT) have risen 0.78 per cent and trading at $2.58. Shares in Telstra Corporation Limited (ASX:TLS) are higher while shares in TPG Telecom Limited (ASX:TPM) are slightly lower.
The worst performing sector is Materials, falling 197 points to 9,506. Shares in Iluka Resources Limited (ASX:ILU) have fallen 20.09 per cent, trading at $9.35 after cutting its full year sales forecast. Shares in Intrepid Mines Limited (ASX:IAU) and Lynas Corporation Limited (ASX:LYC) are also lower.
Gold and the dollar
Gold is trading at $US1,581 an ounce.
The Australian dollar is buying $US1.02.
