The Australian share market opened lower after Wall Street eased in response to the US Federal Reserve’s December meeting minutes. The local market is 0.3 per cent down at noon, weighed down by dips among major mining stocks.
The S&P/ASX 200 index is 12 points down at 4,728. On the futures market the SPI is 16 points lower.
Economic news
The Australian Industry Group-Commonwealth Bank Performance of Services Index dropped 3.9 points to 43.2 in December, remaining below 50 which indicates contraction in the services sector.
Company news
Atlas Iron Limited (ASX:AGO) has commenced production at its third Pilbara iron ore mine, Mt Dove, in Western Australia. Atlas says with the commencement of production at Mt Dove it is on track to export up to 7.7 mega tonnes in the 2013 financial year. Shares in Atlas Iron are trading down 1.07 per cent at $1.85.
Sonic Healthcare Limited (ASX:SHL) has reportedly revived its acquisition bid for the regional New South Wales and ACT pathology assets of integrated healthcare provider Healthscope. According to News Corp reports, The Australian Competition and Consumer Commission has commenced an informal review of the proposed acquisition this week. Sonic had earlier withdrawn its initial more substantial bid after delays in the approval process, including a denial in its pursuit of Healthscope’s Queensland assets from the ACCC. Shares in Sonic Healthcare are trading down 0.08 per cent at $13.12.
Best and worst performers
The best performing sector is Consumer Staples gaining 21 points to 8,934. Shares in Treasury Wine Estates Limited (ASX:TWE) have risen 1.70 per cent and trading at $4.79. Shares in Coca-Cola Amatil Limited (ASX:CCL) and Metcash Limited (ASX:MTS) are also stronger.
The worst performing sector is Materials, falling 116 points to 10,891. Shares in Northern Star Resources Limited (ASX:NST) have fallen 5.86 per cent, trading at $1.28. Shares in Saracen Mineral Holdings Limited (ASX:SAR) and Beadell Resources Limited (ASX:BDR) are also lower.
Gold and the dollar
Gold is trading at $US1,656 an ounce and the Australian dollar is buying $US1.046.
