The Australian share market latched onto a negative lead from a volatile Wall Street trading week to slide at open and is 0.6 per cent down at noon, as investors share US concerns over the possibility of wound back stimulus measures over there. Locally, the big miners are seeing some market dragging losses in early trade, with Lynas stocks continuing bleak recent form to hit a fresh 52 week low to start the week.
The S&P/ASX 200 index is 31 points down at 4,761. On the futures market the SPI is 23 points lower.
Company news
Lend Lease Group
(ASX:LLC) shares have slid in early trade after the property group warned shareholders construction output will be lower owing to softening market conditions and flagged reduced earnings from construction in Australia, Europe and the Middle East. The company has flagged a possible restructure of its construction and infrastructure businesses, proposing to consolidate the Abigroup, Baulderstone, Project Management and Construction and Infrastructure Services businesses. Shares in Lend Lease Group are trading down 7.91 per cent at $8.61.
DEXUS Property Group
(ASX:DXS) has announced an upgraded distribution for the half year, increasing its payout ratio from 75 to 80 per cent of funds from operations. The resultant shareholder payout will be 3.11 cents, coming after Dexus increased its payout ratio as a consequence of a reduction in capital expenditure within its portfolio over the period. Shares in Dexus are trading down 0.48 per cent at $1.04.
Best and worst performers The best performing sector is Financials excluding real estate investment trusts gaining 0.3 points to 6,135. Shares in National Australia Bank Limited.
(ASX:NAB) have risen 0.49 per cent and trading at $29.53. Shares in ASX Limited
(ASX:ASX) and ANZ Banking Group
(ASX:ANZ) are also stronger.
The worst performing sector is Materials, falling 179 points to 8,700. Shares in Discovery Metals Limited
(ASX:DML) have fallen 10 per cent, trading at $0.18. Shares in Mineral Deposits Limited
(ASX:MDL) and Lynas Corporation Limited
(ASX:LYC) are also lower.
Gold and the dollar
Gold is trading at $US1,389 an ounce and the Australian dollar is buying $US0.9619.
