The Australian share market inched down at open following weak Wall Street leads and is 0.3 per cent lower at midday as investors await the RBA’s interest rate decision this afternoon.
The S&P/ASX 200 index is 11 points down at 4,520. On the futures market the SPI is 23 points lower.
Economic news
The Australian Bureau of Statistics has reported a 7.6 per cent fall in Building approvals in October, with 12,540 new approvals during the month. The figure exceeds analyst expectations of a 1.8 per cent fall, and down on Septembers result of 13,575 new approvals.
Company news
News Corp (ASX:NWS) chief Rupert Murdoch has appointed Australian Robert Thomson, currently editor in chief of the Wall Street Journal, to take the helm of the global media company on January 1 next year. Media tycoon Murdoch has also announced the closure of iPad newspaper outlet The Daily, owing to a limited readership. The moves come amid the media conglomerates splitting into two companies, the film and TV focused Fox Group and the struggling news and publishing division retaining the News Corp name. Shares in News Corp are trading down 0.66 per cent at $24.14.
Shares Quickflix Limited (ASX:QFX) have regained some of yesterday’s steep losses after announcing what it calls a landmark deal with digital TV company Freeview in New Zealand. The deal is scheduled to launch next year and will see Quickflix provide its movie and TV streaming service to up to half a million New Zealand households, providing what Quickflix describes as a compelling alternative to pay TV in New Zealand.
Shares in Quickflix are trading up 33.33 per cent at $0.03.
Best and worst performers
The best performing sector is Telco Services gaining 4 points to 1,491. Shares in Telstra Corporation Limited (ASX:TLS) have risen 0.23 per cent and trading at $4.36. Shares in TPG Telecom Limited (ASX:TPM) and Telecom Corporation of New Zealand (ASX:TEL) are also performing stronger so far today.
The worst performing sector is Utilities, falling 41 points to 5,042. Shares in AGL Energy Limited (ASX:AGK) have fallen 1.33 per cent, trading at $14.12. Shares in APA Group (ASX:APA) and Spark Infrastructure Group (ASX:SKI) are also lower at noon.
Gold and the dollar
Gold is trading at $US1,717 an ounce and the Australian dollar is buying $US1.042.
