The Australian share market has opened lower and descended 0.3 per cent at noon following weak offshore leads and led down by the energy sector.
The S&P/ASX 200 index is 13 points down at 4,390. On the futures market the SPI is 8 points lower.
Company news US based ESCO Corporation has filed a lawsuit in the NSW Federal Court against mining equipment supplier Bradken Limited
(ASX:BKN), alleging it has infringed on ESCO’s patents for wear parts that are used in mining and other sectors. Bradken says it denies the allegations and will actively defend all infringement claims made against the company. A long-term licensing agreement had ended between the companies last year. Shares in Bradken are trading down 2.14 per cent at $5.48.
Leighton Holdings Limited's
(ASX:LEI) engineering subsidiary Thiess has secured a $134 million contract from oil and gas contractor Saipem Australia Pty Ltd to construct a tunnel for the Santos GLNG project in Gladstone. The tunnel will connect the mainland to the Santos plant on Curtis Island. Separately, the company announced Leighton’s Middle Eastern division Habtoor Leighton Group scored a $US316 million healthcare contract to construct new medical centres in Saudi Arabia. Shares in Leighton are trading down 2.46 per cent at $16.63.
Best and worst performers The best performing sector is health care gaining 160 points to 10,049. Shares in Sonic Healthcare Limited
(ASX:SHL) have risen 2.1 per cent and trading at $13.15. Shares in CSL and ResMed are also stronger.
The worst performing sector is energy, falling 157 points to 12,803. Shares in Paladin Energy Limited
(ASX:PDN) have fallen 3.1 per cent trading at $1.41. Shares in Oil Search and Beach Energy are also lower.
Gold and the dollar
Gold is trading at $US1,757 an ounce and the Australian dollar is buying $US1.046.
