Midday: Aus shares open lower

Market Reports

Following a sell-off on Wall Street, the Australian share market has followed it into the red and is 0.6 per cent down at noon.
 
The weak leads pushed up against some positive news from the ABS on building approvals as well as strong gains from Wotif and Lynas Corporation. 
 
The market was weighed by the miners with BHP Billiton and Rio Tinto both in the red. 
 
The S&P/ASX 200 index is 30 points down at 5,304. On the futures market the SPI is 28 points lower. 
 
Economic news

The ABS has reported the trade deficit narrowed in August with the seasonally adjusted deficit down to $787 million. Exports were down 2 per cent while imports fell 3 per cent.
 
The ABS also showed that building approvals pushed higher in August with a gain of 3 per cent coming in above expectations. 
 
Company news
 
Shares in Starpharma Holdings Limited (ASX:SPL) have firmed more than 9 per cent on news it will be launching VivaGel condoms in Australia. The product has been included on the Australian Register of Therapeutic Goods and the company says it will launch the antiviral condom in October with its partner Ansell (ASX:ANN)Starpharma says Australian consumers will be the first to access this innovative contraceptive discovered and developed locally. Shares in Starpharma are trading up 9.09 per cent at $0.72
 
Altona Mining Limited (ASX:AOH) has also seen its share price jump today on news it has completed the sale of its Finnish assets receiving the first payment of $US89.2 million. The copper producer says the full consideration could push to $US99 million once adjustments are included. The company intends to offer shareholders a $0.15 payment which would total around $80 million, it’s expected to be paid after the company’s AGM in November.  Shares in Altona are trading up 4.55 per cent at $0.23
 
Best and worst performers

All major sectors are down today. The sector with the least losses is telco services, losing 0.06 per cent to 1,893. Shares in Telstra Corporation Limited (ASX:TLS) are flat at $5.38. Shares in TPG Telecom Limited (ASX:TPM) and M2 Group Limited (ASX:MTU) are lower.
 
The worst performing sector is energy, falling 0.9 per cent to 13,988. Shares in Liquefied Natural Gas Limited (ASX:LNG) have fallen 9.09 per cent, trading at $3.70. Shares in Paladin Energy Limited (ASX:PDN) and Sundance Energy Australia Limited (ASX:SEA) are also lower.
 
Finally, to gold and the dollar: Gold is trading at $US1,216 an ounce.
The Australian dollar is buying $US0.8784

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