Despite positive offshore leads and Japan's announcement it would stimulate its economy, the Australian share market slipped at the open and is 0.3 per cent down at noon.
The S&P/ASX 200 index is 16 points down at 4,403. On the futures market the SPI is 10 points lower.
Economic news
CBA has reported consumer spending dipped in August according to its latest business sales indicator (BSI). The BSI retreated 0.4 per cent last month, following a 5.4 per cent plunge in July.
Company news Shares in Silex Systems Limited
(ASX:SLX) have jumped after the nuclear and solar energy company announced it had received US regulatory approval to build a commercial laser uranium plant in North Carolina. The project is part of a joint venture with GE, Hitachi and Cameco whereby Silex will receive royalties. Shares in Silex are trading up 15.52 per cent at $4.69.
BHP Billiton Limited
(ASX:BHP) will reportedly shelve further study into a coal expansion at Red Hill in central Queensland. BHP estimated it would require up to 3,000 workers for construction and close to 1,500 workers to mine the area which is located 160 km south-west of Mackay. The global miner recently indicated it would consider cheaper expansion options. Shares in BHP are trading down 1.02 per cent at $33.87.
Best and worst performers The best performing sector is telco services gaining 12 points to 1,321. Shares in Telecom Corp of New Zealand
(ASX:TEL) have risen 1.64 per cent and trading at $1.86. Shares in TPG Telecom and Telstra are also stronger.
The worst performing sector is energy, falling 235 points to 12,641. Shares in Senex Energy Limited
(ASX:SXY) have fallen 4.35 per cent, trading at $0.66. Shares in Oil Search and Origin Energy are also lower.
Gold and the dollar
Gold is trading at $US1,774 an ounce and the Australian dollar is buying $US1.046.
