Following weak leads, the Australian share market opened lower and is half a per cent down at noon. Weakness on Wall Street flowed from energy stocks pushing lower on further depression of the oil price.
Optimism on the local market came from Commonwealth Bank reporting strong first quarter figures, while CSR posted a surprise spike in first half profit.
The S&P/ASX 200 index is 32 points down at 5,488. On the futures market the SPI is 37 points lower.
Economic news
The Australian Industry Group has reported the Performance of Services Index (PSI) which slipped 1.8 points to 43.6 in October. Weakness in the services sector is said to represent sluggish conditions across the local economy generally.
Company news
Information and compliance services company SAI Global Limited
(ASX:SAI) has appointed Peter Mullins as Chief Executive Officer and Managing Director.
The company says the move comes amid a restructure of its operations that will see customer services, products and sales teams organised along regional lines. It was announced that Paul Butcher will take on the newly created role of Global Head, sales and marketing. Shares in SAI are trading up 0.62 per cent at $4.08
Beach Energy Limited
(ASX:BPT) has offered a progress report from drilling in October with 13 wells completed at a success rate of 92 per cent.
The oil and gas explorer says its Bauer field has seen continued success and is expected to be tied into the Bauer facility in December this year. The company also reported the Canunda-2 appraisal well has been cased and suspended as a future gas and condensate producer. Shares in Beach Energy are trading down 2.99 per cent at $1.14
To the best and worst performers: The best performing sector is consumer staples, gaining 0.2 per cent to 9,801. Shares in Woolworths Limited
(ASX:WOW) have risen 1.29 per cent and trading at $33.73. Shares in Coca-Cola Amatil Limited
(ASX:CCL) are up and Graincorp Limited
(ASX:GNC) is trading flat at noon.
The worst performing sector is energy, falling 2 per cent to 13,356. Shares in Worleyparsons Limited
(ASX:WOR) have fallen 5.38 per cent, trading at $12.67. Shares in Liquefied Natural Gas Limited
(ASX:LNG) and Horizon Oil Limited
(ASX:HZN) are also lower.
Finally, to gold and the dollar: Gold is trading at $US1,169 an ounce.
The Australian dollar is buying $US0.8743
Thanks for watching the Market at Midday, I’m John Treadgold for the Finance News Network, have a great afternoon.
