The Australian share market has tumbled 1.5 per cent in morning trade after fears about Greece’s debt situation intensified over the weekend. Greek banks remain closed as the nation’s parliament backed a referendum this Saturday, until then casting uncertainty across the region.
Closer to home the price of iron ore has continued to weaken and the Australian dollar is trading lower. Shares in Slater & Gordon Limited
(ASX:SGH) have plunged to the worst performer after confirming ASIC will be looking into its audit process with Pitcher Partners.
Figures
The S&P/ASX 200 index has shed 81 points to 5,465. On the futures market the SPI is 89 points lower.
Company news
GWA Group Limited
(ASX:GWA) has lowered its underlying earnings guidance for the current financial year and forecast a non-cash impairment charge. The supplier of building fixtures and fittings has also today inked a deal to sell Gliderol for $7 million to Reliance Doors. GWA says its focus will now be on the core bathrooms and kitchens and door and access systems businesses, where it believes it has strong, market-leading positions. Shares in GWA Group have fallen 2.98 per cent and are trading at $2.28 at noon.
Aconex Limited
(ASX:ACX) has announced two three-year enterprise agreements with Lend Lease Group
(ASX:LLC) and John Holland. Under the deals the Aconex collaboration software platform will be standardised across all Lendlease projects in its building division and major construction projects in Asia. The platform will also be standardised across all John Holland projects in Australia New Zealand and Southeast Asia. Against a benchmark fall shares in Aconex have risen 1.59 per cent and are trading at $3.20 at noon.
Best and worst performers
All sectors have dropped into negative territory: The sector with the fewest falls is REITs, easing 0.7 per cent to 1,245. Shares in Abacus Property Group
(ASX:ABP) have risen 1.68 per cent and trading at $3.03. Shares in Investa Office Fund
(ASX:IOF) are higher while shares in GPT Group
(ASX:GPT) are steady at noon.
The worst performing sector is consumer discretionary, sinking 2.1 per cent to 1,785. Shares in Slater & Gordon Limited
(ASX:SGH) have plunged 23.61 per cent, trading at $3.85. Shares in GUD Holdings Limited
(ASX:GUD) and REA Group Limited
(ASX:REA) are also lower.
IPOs
QMS Media Limited
(ASX:QMS) started trading today. The outdoor advertising group floated with an issue price of $0.65, opened at $0.68 and is currently trading at $0.69.
Gold and the dollar
Gold is buying $US1,181 an ounce.
The Australian dollar is buying $US0.7642.
