Midday: Greek woes continue to drag

Market Reports

The Greek debt saga continues and market uncertainty is weighing on the local bourse as it retreated more than 0.5 per cent this morning. 
 
The consumer discretionary sector led the losses today while Slater and Gordon tumbled on speculation of an ASIC investigation into its accounting practices despite the company refuting the claims.
 
The Aussie dollar is holding above $US0.77 this morning.
 
The S&P/ASX 200 index is 30 points down at 5,657. On the futures market the SPI is 30 points lower. 
 
Economic news 

The Australian Bureau of Statistics showed a 1.9 per cent increase in job vacancies between February and May with private sector openings showing a positive gain while the public sector was flat. 
 
Company news
 
Otto Energy’s Limited (ASX:OEL) CEO Matthew Allen has been named the company’s Managing Director as well, effective immediately. The Chairman of the oil and gas producer Rick Crabb says the board is confident Mr Allen will build on his achievements. Mr Allen joined Otto in 2009 as CFO and was appointed CEO in February last year. Shares in Otto are trading up 1.45 per cent at $0.07
 
Graincorp Limited (ASX:GNC) says the ACCC won’t exempt its Portland grain export terminal under the bulk wheat code of conduct. The company did note that its Geelong port terminal would be granted an exemption with the ACCC also granting an exemption to Emerald’s Melbourne Port Terminal. Shares in Graincorp are trading down 0.11 per cent at $9.04
  
Best and worst performers

All major sectors traded lower today. The sector with the least losses is consumer staples, dipping 0.2 per cent to 8,553. Shares in Select Harvests Limited (ASX:SHV) have risen 0.17 per cent and trading at $11.45. Shares in Wesfarmers Limited (ASX:WES) and Graincorp Limited (ASX:GNC) are lower. 
 
The worst performing sector is consumer discretionary, falling 1.6 per cent to 1,848. Shares in Slater & Gordon Limited (ASX:SGH) have fallen 16.07 per cent, trading at $5.15. Shares in APN News and Media Limited (ASX:APN) and Southern Cross Media Group Limited (ASX:SXL) are also lower.
 
Gold and the dollar

Gold is trading at $US1,176 an ounce.
The Australian dollar is buying $US0.7717

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