Following weak leads, the Australian share market has plunged and is down more than one per cent at noon.
There is continued concern over a tech bubble in the US as Twitter stocks took a dive, while tensions in the Ukraine further weighed on shares prices.
The S&P/ASX 200 index is 59 points down at 5,422. On the futures market the SPI is 69 points lower.
Economic news
Retail trade figures from the ABS show an increase in retail spending in March, up by 1.2 per cent to $67.5 billion seasonally adjusted.
The Australian Industry Group has reported a further contraction in the construction sector with its Performance of construction index down to 45.9 for April.
Company news
Clothing retailer Kathmandu Holdings Limited
(ASX:KMD) has increased total group sales to $93 million for the 9 months to April 27.
It represents sales growth of 12.9 per cent year on year, on a constant currency basis and comes on the back of a successful Easter sale promotion, as well as cooler weather in Australia and New Zealand. Shares in Kathmandu are trading 3.99 per cent up at $3.65.
Whitehaven Coal Limited
(ASX:WHC) has resumed longwall production at its Narrabri mine.
The NSW coal miner cut its full year production guidance last month due to the operational issues but it now expects full year production of between 10 million and 10.2 million tonnes. Shares in Whitehaven Coal are trading down 2.85 per cent to $1.36.
Best and worst performers
All major sectors are down today, the sector with the least losses is utilities, losing 26 points to 5,764. Shares in AGL Energy Limited
(ASX:AGK) have lost 0.06 per cent and trading at $15.67. Shares in APA Group
(ASX:APA) and Spark Infrastructure Group
(ASX:SKI) are also lower.
The worst performing sector is materials, falling 140 points to 9,984. Shares in Lynas Corporation Limited
(ASX:LYC) have fallen 10 per cent, trading at $0.14. Shares in Sandfire Resources
(ASX:SFR) and Resolute Mining Limited
(ASX:RSG) are also lower.
Gold and the dollar
Gold is trading at $US1,312 an ounce.
The Australian dollar is buying $US0.9348.
