Following mixed leads, the local bourse opened flat and has since traded 0.22 percent lower, with major companies IAG and CSL going ex dividend.
The sinking iron ore price continues to weigh heavily on miners, though some shares were slighty buoyed by positive jobs figures.
The S&P/ASX 200 index fell 13 points to 5,586. On the futures market the SPI is 12 points lower.
Economic news
The ANZ job advertisements data for August has revealed ads are up 1.5 percent.
It’s the third consecutive month they’ve risen, with ads online up 1.5 per cent, while newspapers rose 1.8 percent.
The year to date has seen an 8 per cent increase in jobs being advertised.
Company news
WorleyParsons Limited has been contracted to work on the expansion of Colombia’s main oil pipeline. The resources and energy company will deliver engineering, procurement and construction management services to help increase capacity of the 829 kilometre structure, by around a quarter. Three new pump stations will be added along the pipeline, with changes to 5 existing stations. Worley Parsons CEO Andrew Wood describes the project as of national importance, saying the company recognises the critical targets and challenges involved. Shares in WorleyParsons are trading down 0.38 per cent at $15.69.
Neuren Pharmaceuticals Limited is preparing to enrol subjects in its phase 2 clinical trial into a treatment for concussion, after receiving approval from the US Army. Members of the US Army will participate in the trial, as the profile of military subjects corresponds with another key target market for treatment; athletes in contact sports. The second phase of the trial is seeking to confirm whether the drug addresses the cellular and molecular changes associated with head trauma. There are no existing approved drug therapies available for concussion, top line results from the trial will be released in the second half of next year. Shares in Neuren Pharmaceuticals are trading down 4.76 per cent at $0.10.
Best and worst performers
The best performing sector is materials, gaining 0.3 per cent to 9,804. Shares in Resolute Mining have risen 6.7 per cent and trading at $0.52. Shares in Northern Star Resources and Beadell Resources are also stronger.
The worst performing sector is health care, falling 1.4 per cent to 15,205. Shares in Mesoblast have fallen 2.84 per cent, trading at $5.13. Shares in CSL and Primary Health Care are also lower.
Gold and the dollar
Gold is trading at $US1,267 an ounce.
The Australian dollar is buying $US0.9370.
