Midday: Aus shares reverse gains

Market Reports

Following weak leads, the Australian share market opened lower and was 0.8 per cent down at noon. Yesterday’s gains on the ASX were reversed, as Wall Street closed lower for the third day in a row overnight.
 
Yesterday’s preliminary read on China’s production levels fuelled optimism, but today more pessimistic selling has returned.
 
The S&P/ASX 200 index is 36 points down at 5,380. On the futures market the SPI is 33 points lower.
 
Looking at economic news: The Reserve Bank of Australia has warned on high levels of household credit growth in its latest Financial Stability Review. The RBA will work with APRA to ensure sound lending habits are followed.
 
Company news
 
eBet Limited (ASX:EBT) has restructured its senior management with Tony Toohey moving from CEO to take the role of Deputy Chairmen and Executive Director. The gaming systems developer says the reshuffle is aimed at pursuing growth particularly through new markets and new products and technologies. The company says Ken Carr has been appointed as CEO effective 29 September this year. Shares in eBet are trading up 1.6 per cent at $3.82
 
Pharmaceutical research company Invion Limited (ASX:IVX) has completed stage 1 feasibility studies in its collaboration with 3M for the development of inhaled nadolol. The company says its agreement with 3M is assessing the feasibility of inhaled versions of its two respiratory drug assets delivered using 3M’s pressurized metered dose inhalation technology. The company says 3M has recommended for proprietary systems to progress into stage 2 product screening. Shares in Invion are trading flat at $0.08
 
Best and worst performers

All major sectors are down today, the sector with the least losses is healthcare, losing 0.2 per cent to 15,342. Shares in Ramsay Health Care Limited (ASX:RHC) have risen 0.31 per cent and trading at $50.96. Shares in Cochlear Limited (ASX:COH) and CSL Limited (ASX:CSL) are also stronger. 
 
The worst performing sector is consumer discretionary, falling 1.2 per cent to 1,783. Shares in Crown Resorts Limited (ASX:CWN) have fallen 3.16 per cent, trading at $14.09. Shares in REA Group Limited (ASX:REA) and Ainsworth Game Technology Limited (ASX:AGI) are also lower. 
 
Gold and the dollar

Gold is trading at $US1,223 an ounce.
The Australian dollar is buying $US0.8863

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