The Australian share market opened lower for the fourth consecutive day and is trading very flat at less than half a per cent down at noon following negative Wall Street and European reactions to Austerity protests in Greece and Spain overnight.
The S&P/ASX 200 index is 1 point down at 4,361. On the futures market the SPI is 2 points lower.
Economic news
The Australian Bureau of Statistics has released its job vacancies statistics for August, reporting a 4.2 per cent rise in the number of job vacancies in Australia between May and August. There was a 5.9 per cent rise in private sector job vacancies in the period, while public sector job vacancies fell by 12.9 per cent.
Company news
Echo Entertainment Group Limited (ASX:EGP) CEO Larry Mullin will end his tenure on January 31, 2013. Mr Mullin has been at his Echo post for four years, notably overseeing the companys 2011 demerger from Tabcorp. His final task will be supervising the completion of the leisure and entertainment company’s redevelopment of The Star casino in Sydney. A global search for a new chief executive will take place following Mr. Mullin’s departure, the latest of several recent board changes at Echo. Shares in Echo are trading down 0.8 per cent at $3.78.
Mining magnate Nathan Tinkler is reportedly considering moves to increase his control over White Haven Coal (ASX:WHC) as he confronts $46 million in debt repayments. According to reports Tinkler may push for the removal of company directors following a failed $5 billion acquisition attempt in August. Mr Tinkler currently owns a 21.4 per cent stake in the miner, and by seizing further control could gain the power to enact asset sales and higher dividend payouts. Shares in Whitehaven Coal are trading down 2.46 per cent at $2.77.
Best and worst performers
The best performing sector is Telco Services gaining 8 points to 1,345. Shares in Telecom Corp of New Zealand (ASX:TEL) have risen 1.7 per cent and are trading at $1.94. Shares in Telstra Corporation Limited (ASX:TLS) are higher while TPG Telecom Limited (ASX:TPM) is trading steadily at noon.
The worst performing sector is Energy, falling 62 points to 12,283. Shares in Whitehaven Coal Limited (ASX:WHC) as we saw earlier have fallen 2.46 per cent, trading at $2.77. Shares in Oil Search Limited (ASX:OSH) and Woodside Petroleum Limited (ASX:WPL) are also down moving into the afternoon.
Gold and the dollar
Gold is trading at $US1,758 an ounce and the Australian dollar is buying $US1.038.
