On the back of mixed economic data out of the US the Australian share market eased at open and has slid throughout the morning, with the mining sector enduring losses amidst falling iron ore prices. The Aus market is 1 per cent down at noon.
The S&P/ASX 200 index is 52 points down at 4,305. On the futures market the SPI is 58 points lower.
Economic news
The ABS has reported that building approvals fell by 17.3 per cent in July, while capital expenditure rose 3.4 per cent.for the June quarter.
Company news
Macquarie Atlas Roads Limited (ASX:MQA) has reported a half year net loss of $75 million, down from a $106 million loss in the first half of last year. The toll road owner says that its result was impacted by falls in investment values, losses of financial instruments and debt amortisation. Macquarie said it will persevere with a strict approach to capital management moving forward. No interim dividend has been declared. Shares in Macquarie Atlas are trading up 0.35 per cent at $1.45.
Infigen Energy (ASX:IFN) has posted a full year net loss of $56 million compared to a $61 million loss last year. Managing Director Miles George says the renewable energy company is pleased in delivering cash flow growth despite reduced wind conditions for its wind farms compared to 2011. Infigen has forecast an improvement in production in the year ahead due to improved wind conditions and an annual contribution from the Woodlawn Wind Farm in Australia. They have suspended their distributions for 2012 and 2013. Shares in Infigen are trading down 1.67 per cent at $0.29.
Best and worst performers
The best performing sector is Health Care gaining 63 points to 10,167. Shares in Primary Health Care Limited (ASX:PRY) have risen 1.36 per cent and trading at $3.74. Shares in CSL Limited (ASX:CSL) and ResMed Inc. (ASX:RMD)are also stronger.
The worst performing sector is Materials on the back of those iron ore price falls, falling 266 points to 9,307. Shares in Imdex Limited (ASX:IMD) have fallen 12.58 per cent, trading at $1.44. Shares in Lynas Corporation Limited (ASX:LYC) and Atlas Iron Limited (ASX:AGO) are also lower.
Gold and the dollar
Gold is trading at $US1,658 an ounce and the Australian dollar is buying $US1.032.
