Following soft leads, the Australian share market opened lower and is 0.3 per cent down at noon. A continued slide in the iron ore price has weighed on sentiment as it hit a five year low, and the ABS has reported a lower deficit for Australia’s international trade in goods and services while retail sales were marginally higher.
The S&P/ASX 200 index is 16 points down at 5,640. On the futures market the SPI is 16 points lower.
Economic news
The Australian Bureau of Statistics has reported a 13 per cent decrease in the deficit on the balance on goods and services with the seasonally adjusted figure dropping to $1.36 billion for July. Exports were up 1 per cent while imports were only marginally higher.
The ABS has also shown that retail sales grew in July, in seasonally adjusted terms sales were up 0.4 per cent to $23.31 billion.
Company news
Chesser Resources Limited
(ASX:CHZ) has announced a 6 per cent increase in contained gold at its Kestanelik project in north-west Turkey.
The mineral explorer says the recent drilling program saw contained gold increase to 746,000 ounces. Managing Director Rick Valenta says there is potential for substantial increases in resources through extensions of the deposit. Shares in Chesser are trading flat at $0.155
Invigor Group Limited
(ASX:IVO) has signed a development contract to assist the Australian Traffic Network with its digital commerce strategy.
Executive Chairmen Gary Cohen says the contract further enhances the company as a provider of business intelligence products assisting companies better analyse performance and customer needs. Shares in Invigor are trading 8.43 per cent up at $0.09
Best and worst performers The best performing sector is consumer staples, gaining 0.3 per cent to 10,121. Shares in Bega Cheese Limited
(ASX:BGA) have risen 1.19 per cent and trading at $5.11. Shares in Goodman Fielder Limited
(ASX:GFF) and Woolworths Limited
(ASX:WOW) are also stronger.
The worst performing sector is retail investment trusts, falling 0.6 per cent to 1,155. Shares in Abacus Property Group
(ASX:ABP) have fallen 1.43 per cent, trading at $2.76. Shares in DEXUS Property Group
(ASX:DXS) and Scentre Group Limited
(ASX:SCG) are also lower.
Gold and the dollar
Gold is trading at $US1,271 an ounce.
The Australian dollar is buying $US0.9352
