The Australian share market has slipped at open and is 0.8 per cent down at noon after a tepid performance from US and European markets overnight. All sectors are lower with mining, energy and industrial stocks weighing on the market.
The S&P/ASX 200 index is 38 points down at 4,479. On the futures market the SPI is 36 points lower.
Economic news
Australia's manufacturing sector has contracted for the eighth straight month. According to AIG/Pricewaterhouse the PMI did rise marginally in October to 45.2 from 44.1 the month before, but once again remains below 50 indicating contraction.
Company news Mayne Pharma Group Limited
(ASX:MYX) has signed a licensing and distribution agreement with India based Intas Pharmaceuticals. The deal is for a range of injectable products for the Australian market. Mayne Pharma will initially gain rights to 11 hospital products which currently generate sales of about $73 million a year. CEO Scott Richards says it is committed to building its domestic business. The company is currently finalising the acquisition of US based Metrics, and hopes to introduce a number of its products to Australia. Shares in Mayne Pharma are trading up 3.92 per cent at $0.27.
Mirvac Group
(ASX:MGR) says it has sold three of its non-core industrial assets in NSW for $65.3 million. CEO Andrew Butler says The sale is in line with its strategy to dispose of non-core assets to reposition its investment portfolio. Shares in Mirvac Group are trading down 1.33 per cent at $1.49.
Best and worst performers All sectors are down. The sector with the fewest losses is real estate investment trusts losing 4 points to 971. Shares in Westfield Retail Trust
(ASX:WRT) have risen 0.81 per cent and trading at $3.13. Shares in Investa Office Fund are up whilst Commonwealth Property Office Fund are lower.
The worst performing sector is industrials, falling 51 points to 3,365. Shares in Transpacific Industries Group Limited
(ASX:TPI) have fallen 5.56 per cent, trading at $0.72. Shares in CSR and ALS are also lower.
Gold and the dollar
Gold is trading at $US1,721 an ounce and the Australian dollar is buying $US1.038.
