Following mixed offshore leads, the Australian share market is stuck in the red at midday.
The S&P/ASX 200 index is 22 points weaker at 5083. On the futures market the SPI is down 19 points.
The Australian Industry Group’s performance of manufacturing index rose last month – marking the slowest pace of contraction in eight months
Ian Morrice has announced his resignation from the board of directors at department store Myer. The non executive director has sighted a conflict as interest, as he prepares to take on the top job at Metcash (ASX:MTS). Myer will begin the search for a replacement, as Mr Morrice moves into his new Metcash role by June 30. Metcash shares are 0.86 per cent firmer at $4.12.
Design and development software company TZ Limited (ASX:TZL), which is chaired by celebrity financier Mark Bouris, has this morning reported an interim net loss. In the half year ended December 31, the company turned in a loss of 12 million. TZ Limited shares have dropped 4% to 10 cents.
Best and worst performers:
The best performing sector is Finacials, excluding REETS, it’s gainined 17 points to 6273. Shares in Challenger (ASX:CGF) have risen 3.46 per cent and are trading at $3.73. Shares in NAB (ASX:NAB) and Westpac (ASX:WBC) are also stronger.
The worst performing sector is Materials., It’s fallen 151 points to 10,587. Shares in Saracen Mineral Holdings (ASX:SAR) have shed 7 per cent to 33 cents. Shares in Purseus (ASX:PRU) and St Barbara (ASX:SBM) are also lower.
Gold and the dollar
Gold is trading at $US1581 an ounce
The Australian dollar is buying $US1.021.