With global markets slumping the Australian share market took a tumble at open and is 0.6 per cent down at noon, having pegged back from the morning’s lows but with all major sectors currently in the red.
The S&P/ASX 200 index is 32 points down at 4,803. On the futures market the SPI is 24 points lower.
Economic news
Australia's trade balance maintained a surplus in April but narrowed considerably in the month, according to the Australian Bureau of Statistics. The nation's trade balance narrowed 95 per cent to $28 million. During the month, exports fell one per cent, while imports rose one per cent.
Company news
Woolworths Limited
(ASX:WOW) planned purchase of a second supermarket site in Glenmore Park from Stockland
(ASX:SGP) will be opposed by the Australian Competition and Consumer Commission. ACCC Chairman Rod Sims says the Glenmore Ridge site represents the only chance for a competing supermarket to stimulate competition and provide greater choice to residents of the area. Shares in Woolworths are trading up 0.03 per cent at $32.33.
Bathurst Resources Limited
(ASX:BTU) shares entered a trading halt this morning as the company prepares a response relating to a court decision on the appeals to resource contents for the Escarpment mine project. Located in New Zealand, the Escarpment Project is an export coking coal operation - one of the permits that make up the Buller Coal Project. The halt will last until the earlier of an announcement being made to the market, or the opening of trade next Tuesday. Shares in Bathurst Resources are trading up 12.9 per cent at $0.18.
Best and worst performers All major sectors are down currently, the sector with the least losses is Telco services shedding 6 points to 1,606. Shares in Telstra Corporation Limited
(ASX:TLS) have eased 0.32 per cent and are trading at $4.67. Shares in TPG Telecom Limited
(ASX:TPM) and iiNet Limited
(ASX:IIN) are also slightly lower at midday.
The worst performing sector is Consumer Discretionary, falling 20 points to 1,538. Shares in Invocare Limited
(ASX:IVC) have fallen 2.17 per cent, trading at $10.36. Shares in Flight Centre Limited
(ASX:FLT) and News Corp
(ASX:NWS) are also lower.
Gold and the dollar
Gold is trading at $US1,401 an ounce and the Australian dollar is buying $US0.9503.
