The Australian share market opened lower after global markets sank more than 1 per cent overnight. While most sectors are trading in the red the tech sector has tumbled 1.5 per cent and extended yesterday’s falls. Consumer discretionary and health care sectors are also weak while the gold sub-index has continued to build on yesterday’s gains and lift 0.8 per cent. On the economic front National Australia Bank Limited
(ASX:NAB) has shown business confidence moved lower last month while business conditions improved in March.
Figures
The S&P/ASX 200 index has lost 15 points and is sitting at 5,399. On the futures market the SPI is 13 points lower.
Company news
Shares in Cabcharge Australia Limited
(ASX:CAB) have dropped after responding to the New South Wales government's proposed changes to taxi legislation. The changes will see the state reduce the surcharge on credit and debit card payments for taxis from 10 per cent to 5 per cent. The NSW Government also now plans to allow customers to use mobile phone apps such as goCatch and Uber to book taxis. Shares in Cabcharge Australia have dropped 6.11 per cent and are trading at $3.84 at noon.
ALE Property Group Limited
(ASX:LEP) has tied up the $4.5 million sale of the Victoria Hotel in the regional centre of the state. The sale price represents a 98 per cent premium to the cost of the property when it was bought for $2.27 million in November 2003. ALE Property Group says it will put the proceeds to reducing debt and strengthening its capital position. Shares in ALE Property Group have fallen 1.21 per cent and are trading at $2.87 at noon.
Best and worst performers
The best performing sector is materials gaining 7 points to 10,233. Shares in PanAust Limited
(ASX:PNA) have risen 2.62 per cent and trading at $1.66. Shares in Arrium Limited
(ASX:ARI) and Newcrest Mining Limited
(ASX:NCM) are also stronger.
The worst performing sector is consumer discretionary, falling 21 points to 1,790. Shares in REA Group Limited
(ASX:REA) have dropped 4.2 per cent, trading at $44.26. Shares in Retail Food Group Limited
(ASX:RFG) and Breville Group Limited
(ASX:BRG) are also lower.
Gold and the dollar
Gold is trading at $US1,300 an ounce.
The Australian dollar is buying $US0.9282.
