Following a soft finish on Wall Street the Australian share market opened into the red and is trading lower at noon. While stocks look on track to post another strong weekly performance the gains are being pared, dragged down by the mining sector after Rio Tinto Limited
(ASX:RIO) booked an annual net loss of $US2.9 billion.
The S&P/ASX 200 index has dipped 6 points and is sitting at 5,031. On the futures market the SPI is 5 points lower.
Commentary FNN speaks with Azure Minerals Limited
(ASX:AZS) Managing Director, Tony Rovira about the precious and base minerals explorer’s outlook for copper this year - speaking at the RIU Explorers conference in Fremantle.
Company news Sims Metal Management Limited
(ASX:SGM) has revealed it will be forced to write down $18 million more than it initially thought it would on its UK business. A committee has found the scrap metal recycler will now need to write down a total $78 million in costs from inventory error. Shares in Sims Metal Management have fallen 1.73 per cent and are trading at $10.77.
Pharmaxis Limited
(ASX:PXS) has extended its first half net loss by 6 per cent to $20.8 million and declined to pay a dividend. The pharmaceutical company’s first half revenue jumped 77 per cent to almost $6 billion as it shipped its first commercial product Aridol to customers around the world. Shares in Pharmaxis have slipped 2.34 per cent and are trading at $0.63.
Best and worst performers The best performing sector is consumer staples gaining 53 points to 9,636. Shares in Goodman Fielder Limited
(ASX:GFF) have risen 2.21 per cent and trading at $0.70. Shares in Wesfarmers Limited
(ASX:WES) and Coca-Cola Amatil Limited
(ASX:CCL) are also stronger.
The worst performing sector is materials, falling 94 points to 11,134. Shares in Kingsgate Consolidated Limited
(ASX:KCN) have fallen 4.34 per cent, trading at $3.97. Shares in Alumina Limited
(ASX:AWC) and Alacer Gold Corp
(ASX:AQG) are also lower.
Gold and the dollar
Gold is trading at $US1,634 an ounce.
The Australian dollar is buying $US1.034.
