Despite Wall Street closing in the green local markets opened lower and were 0.2 per cent down at noon.
The iron ore price was a major drag today as it fell even further overnight. Both BHP Billiton and Rio Tinto saw losses in excess of 1 per cent.
In contrast Orica and James Hardie both booked gains as they reported solid full year and half year results respectively.
The S&P/ASX 200 index is 12 points down at 5,388. On the futures market the SPI is 17 points lower.
Economic news
Westpac Bank and the Melbourne Institute have released their leading Indexes of Economic Activity and shown an improvement in the likely pace of economic growth three to nine months in the future but still report the short term outlook for growth is below trend. A broad estimate sees growth in 2015 pushing to 3.2 per cent.
Company news
Mint Wireless Limited
(ASX:MNW) will partner with Beyond Bank Australia to supply its mobile payments system in a three year deal.
The mobile transactions company says it hopes to launch the system early next year and that Mint will receive a revenue share of all fees. The systems will provide Beyond Bank merchants to take the full spectrum of card payments including PayPass and PayWave methods. Shares in Mint Wireless are trading up 14.13 per cent on the news, at $0.10.
Strata-X Energy Ltd
(ASX:SXA)(TSX.V:SXE) will begin drilling in the Illinois basin early next month.
The oil and gas explorer says it will start with shallow, vertical wells and that it has regulatory approval to drill three wells. The company says the proposed wells are within the giant Clay City consolidated oil field. Shares in Strata-X are flat at $0.20.
Best and worst performers The best performing sector is health care, gaining 0.55 per cent to 16,140. Shares in Sigma Pharmaceutical Limited
(ASX:SIP) have risen 2.67 per cent and trading at $0.77. Shares in ResMed Inc.
(ASX:RMD) and Cochlear Limited
(ASX:COH) are also stronger.
The worst performing sector is consumer staples, falling 1 per cent to 9,601. Shares in Woolworths Limited
(ASX:WOW) have fallen 1.52 per cent, trading at $32.50. Shares in Wesfarmers Limited
(ASX:WES) and Asaleo Care Limited
(ASX:AHY) are also lower.
IPO
IPH Limited
(ASX:IPH) started trading today. The intellectual property services firm floated with an issue price of $2.10, opened at $3.14 and is currently trading at $3.00.
Gold and the dollar
Gold is trading at $US1,194 an ounce.
The Australian dollar is buying $US0.8698
