The Australian share market followed negative leads lower at open and is 0.8 per cent down at noon. Overnight, Wall Street fell on continued US economic concerns and Euro stocks were pushed lower by widespread austerity protests and an Israeli airstrike in the middle east.
The S&P/ASX 200 index is 35 points down at 4,353. On the futures market the SPI is 35 points lower.
Economic news
The Australian Bureau of Statistics has reported a fall in new car sales for October. A total of 95,720 new cars were sold in the month, a 2.8 per cent drop on September’s total of 98,436.
Company news
Myer Holdings Limited
(ASX:MYR) says its first quarter sales have lifted by one per cent due to improved consumer sentiment following the Reserve Bank of Australia’s interest rate cuts. Australia’s largest department store chain achieved sales of $688 million in the thirteen weeks to the end of October, with the warm spring weather boosting summer clothing sales. Shares in Myer are trading up 5.5 per cent at $2.11.
Seven Group Holdings Limited
(ASX:SVW) has confirmed it is undertaking a strategic review of its ownership alternatives in relation to Coates Hire Limited. The review is being jointly undertaken by Seven Group and the Carlyle Group and is expected to take several months to reach a conclusion. Shares in Seven Group are trading down 1.62 per cent at $6.37.
Best and worst performers
The best performing sector is Consumer Staples gaining 35 points to 8,460. Shares in Wesfarmers Limited
(ASX:WES) have risen 1.18 per cent and are trading at $34.34. Shares in Treasury Wine Estates Limited
(ASX:TWE) and Metcash Limited
(ASX:MTS) are also stronger at midday.
The worst performing sector is Materials, falling 168 points to 9,760. Shares in Lynas Corporation Limited
(ASX:LYC) have fallen 7.63 per cent and are trading at $0.60. Shares in Mirabela Nickel Limited
(ASX:MBN) and Beadell Resources Limited
(ASX:BDR) are also trading lower so far today.
Gold and the dollar
Gold is trading at $US1,724 an ounce and the Australian dollar is buying $US1.035.
