Midday: Miners drag ASX lower

Market Reports

Following a record close for the Dow Jones on Friday, the Australian share market spiked higher however the miners have since dragged it 0.44 per cent lower at noon. 
 
The S&P/ASX 200 index is 28 points down at 5,433. On the futures market the SPI is 31 points lower. 
 
Company news
 
Coca Cola Amatil Limited (ASX:CCL) plans to reorganise its Australian Beverages business after undertaking a strategic review. The company is splitting the business into Non-Alcoholic Beverages and Licensed & Alcohol business. Both units will report separately to the Group Managing Director Alison Watkins from June 1. Managing Director of New Zealand CCA Barry O’Connell will take over the Non-Alcoholic Beverages business while Shane Richardson will continue as director of Licensed & Alcohol. The re-shuffle leaves no room for CCA’s current Managing Director of Australian Beverages, John Murphy who will leave the company.  Chris Litchfield, CCA New Zealand’s current sales director will act as managing director of CCA New Zealand & Fiji until a permanent replacement appointment is made. Shares in Coca Cola are trading 0.77 per cent softer at $9.08. 
 
 
Energy Resources of Australia (ASX:ERA) has temporarily suspended work on the ventilation shaft of its Ranger 3 Deeps project after some subsidence beneath the top of the vent opening. The company says no one was hurt in the incident and there have been no environment impacts but it has recalled all employees and equipment from the site until it can remedy the problem. ERA does not expect the issue to impact on the overall schedule or project costs. Energy Resources operates Australia’s oldest uranium mine located in the Northern Territory. Shares in Energy Resources are trading 0.4 per cent higher at $1.26. 
 
Best and worst performers

The best performing sector is health gaining 32 points to 14,471. Shares in Sirtex Medical have risen 3.46 per cent and trading at $16.76. Shares in Acrux and Resmed are also stronger. 
 
The worst performing sector is materials, falling 121 points to 9,908. Shares in Arrium have fallen 5.20 per cent, trading at $1.05. Shares in Medusa Mining and BC Iron are also lower. 
 
Gold and the dollar

Gold is trading at $US1,288 an ounce.
The Australian dollar is buying 93.57 US cents.