Weighed down by negative leads the Australian share market has slipped into the red for its fifth straight session. The mining sector is accelerating losses, dragged down by copper miner OZ Minerals Limited
(ASX:OZL) shedding more than 15 per cent after an update on the prospectively of its flagship mine.
Gold stocks are shining after the price of the precious metal gained about $27 overnight. St. Barbara Limited
(ASX:SBM), Resolute Mining Limited
(ASX:RSG), Evolution
(ASX:EVN), Kingsgate Consolidated Limited
(ASX:KCN) and Silver Lake Resources Limited
(ASX:SLR) are all trading about 10 per cent higher.
Utilities and financials have also sidestepped onto positive territory and insurance giant QBE Insurance Group Limited
(ASX:QBE) has recovered some ground after plunging more than 30 per cent since its profit warning earlier this week.
Figures
The S&P/ASX 200 index has eased 13.5 points to 5,130. On the futures market the SPI is 15 points lower.
Economic news
A read on Australian consumer confidence has dipped to its lowest level in five months. Westpac Banking Corporation’s
(ASX:WBC) chief economist Bill Evans says the boost in confidence from the election result and booming house prices faded as the year came to an end and confidence around the economic outlook has faltered. The Westpac and Melbourne Institute Index of Consumer Sentiment fell 4.8 per cent to 105 in December from 110.3 the month before.
Company news
Shares in Leighton Holdings Limited
(ASX:LEI) have lifted 1.11 per cent after its Middle Eastern division Habtoor Leighton Group scored a $US395 million contract to work on the construction of the Residential Towers project in Dubai.
Shares in Fairfax Media Limited
(ASX:FXJ) have risen 1.19 per cent after the media group acquired property data and mapping provider Property Data Solutions for a cash consideration of about $30 million.
Shares in Worleyparsons Limited
(ASX:WOR) have dropped 3.74 per cent despite the engineering company winning a $US400 million contract from Kuwait Oil Company to supply programme management services over five years.
Shares in GWA Group Limited
(ASX:GWA) have fallen 2.43 per cent after the supplier of building fixtures and fittings warned it will take a $17 million hit to the carrying value of its underperforming Gliderol business.
Best and worst performers
The best performing sector is utilities gaining 50 points to 5,263. Shares in Energy World Corporation Limited
(ASX:EWC) have risen 2.63 per cent and trading at $0.39. Shares in DUET Group
(ASX:DUE) and AGL Energy Limited
(ASX:AGK) are also stronger.
The worst performing sector is materials, retreating 99 points to 9,703. Shares in OZ Minerals Limited
(ASX:OZL) have fallen 15.86 per cent, trading at $2.60. Shares in Orica Limited
(ASX:ORI) and Iluka Resources Limited
(ASX:ILU) are also lower.
IPOs
DorsaVi Pty Limited
(ASX:DVL) started trading today. The biotechnology company is focused on developing motion analysis device technologies and floated with an issue price of $0.40, opened at $0.43 and is currently trading lower at $0.35.
Gold and the dollar
Gold is trading at $US1,259 an ounce.
The Australian dollar is buying $US0.9143.
