The Australian share market has dipped slightly into the red to be 0.3 per cent down at midday. The market opened flat but saw some moderate gains this morning after mixed offshore leads, as Wall Street gained on better than anticipated economic data.
The S&P/ASX 200 index is 11 points down at 4,500. On the futures market the SPI is also 11 points lower.
Company news
Pharmaxis Limited (ASX:PXS) has received approval for Cystic Fibrosis treatment Bronchitol from the National Institute for Health and Clinical Excellence in the UK. CEO Dr Alan Robertson says the approval recognises Bronchitol as a clinical and cost effective treatment for patients suffering from adult Cystic Fibrosis.Shares in Pharmaxis are trading up 5.2 per cent at $1.31.
Arrium Limited (ASX:ARI) has reportedly rejecteda $1 billion takeover from South Korea and Hong Kong based suitors Posco and Noble Group’s Steelmakers Australia consortium. According to Fairfax reports, Arrium’s board is resolved to secure a higher takeover price after denying the second advance, which the miner believes doesn’t offer anything new. Shares in Arrium are trading down 2.87 per cent at $0.84.
Best and worst performers
The best performing sector is Telco services gaining 8 points to 1403. Shares in Telstra Corporation Limited (ASX:TLS) are up, rising 0.49 per cent and trading at $4.09. whilst shares in Telecom Corporation of New Zealand (ASX:TEL) and SingTel (ASX:SGT) are slightly down so far today.
The worst performing sector is Health care, falling 90 points to 10,484. Shares in Primary Health Care Limited (ASX:PRY) have fallen 2.22 per cent, trading at $3.75. Shares in Sonic Healthcare Limited (ASX:SHL) and CSL Limited (ASX:CSL) are also lower at noon.
Gold and the dollar
Gold is trading at $US1,713 an ounce and the Australian dollar is buying $US1.034.
