The Australian share market has dipped early this morning and has continued its downward trend, sliding 0.8 per cent at midday, after US markets posted a lacklustre performance and European markets turned their attention to Greece’s debt crisis.
The S&P/ASX 200 index is 31 points down at 4,417. On the futures market the SPI is 30 points lower.
Economic news
NAB has posted its monthly business survey for October and says conditions are at their weakest in more than three years. The National Australia Bank (NAB) monthly business survey shows conditions in October fell to minus five on the index, from minus three in September and zero in August. It's now at its lowest point since May 2009.
Business confidence has also declined, falling to minus one for October, compared to zero in September. It was minus three in August.
Company news
Sundance Energy Australia Limited
(ASX:SEA) shares have been placed in a trading halt today pending an announcement relating to a major investment. The company is targeting oil and natural gas prospects in US shale gas basins including the Bakken fields of North Dakota and the DJ Basin in Colorado. Sundance Energy is also working on several prospects in the Cooper Basin. Shares in Sundance Energy last traded at $0.82.
Leighton Holdings Limited’s
(ASX:LEI) wholly owned subsidiary Leighton Properties and Leighton Contractors are weeks away from commencing construction on a new office development in Melbourne’s CBD. Leighton Properties Managing Director says it had entered into a contract to purchase the land located at 567 Collins St, which will extinguish its previous joint venture development rights. Leighton Contractors are considering being an anchor tenant in the 55,000 square metres building. Shares in Leighton are trading down 0.82 per cent at $16.91.
Best and worst performers All sectors are lower. The sector with the smallest losses is health care losing 19 points to 10,682. Shares in Sigma Pharmaceutical Limited
(ASX:SIP) have risen 1.14 per cent and trading at $0.67. Shares in CSL Limited are slightly higher whilst Sonic Healthcare is lower.
The worst performing sector is financials excluding REIT’s, falling 63 points to 5,177. Shares in QBE Insurance Group Limited
(ASX:QBE) have fallen 5.34 per cent, trading at $11.17. Shares in Platinum Asset Management and Macquarie Group are also lower.
Gold and the dollar
Gold is trading at $US1,726 an ounce and the Australian dollar is buying $US1.042.
