Midday: Aus shares dip despite ECB stimulus

Market Reports

Following a mixed set of leads on the back of the European Central Bank’s surprise stimulus move, the Australian share market opened lower and is 0.2 per cent down at noon.
 
Markets were further weighed by the continued slide of the iron ore price, BHP Billiton and Rio Tinto were both trading lower this morning.
 
Meanwhile a read on the construction industry for August has offered some optimism with reports of further expansion in home building.
 
The S&P/ASX 200 index is 9 points down at 5,623. On the futures market the SPI is 17 points lower.
 
Economic news

The Australian Industry Group and Housing Industry Association’s Performance of Construction Index has reported another month of growth in the building sector with the August figure hitting 55 points, the report cites Residential construction as being the key driver of growth.
 
Company news
 
G8 Education Limited (ASX:GEM) has settled the acquisition of 14 childcare and education centres in August adding 1,016 places Australia wide. The childcare centre operator now has 375 centres across the country with a capacity for 26,914 children. Shares in G8 education are trading up 3.14 per cent at $5.59 
 
Bionomics Limited (ASX:BNO) has received a $7.5 million R&D Tax incentive refund to help drive its partnering strategy. The biopharmaceuticals company says its Research and Development efforts focus on treatments for conditions such as cancer, Alzheimer’s disease, anxiety and chronic pain. Shares in Bionomics are trading flat at $0.60

Best and worst performers

The best performing sector is real estate investment trusts, gaining 0.3 per cent to 1,155. Shares in Scentre Group Limited (ASX:SCG) have risen 1.58 per cent and trading at $3.54. Shares in Mirvac Group (ASX:MGR) and Federation Centres (ASX:FDC) are also stronger. 
 
The worst performing sector is materials, falling 1.1 per cent to 9,783. Shares in Northern Star Resources Limited (ASX:NST) have fallen 8.23 per cent, trading at $1.48. Shares in Evolution Mining (ASX:EVN) and Beadell Resources Limited (ASX:BDR) are also lower.
 
Gold and the dollar

Gold is trading at $US1,263 an ounce.
The Australian dollar is buying $US0.9343.

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