Midday: Aus shares in brutal sell-off

Market Reports

It's a sea of red on the local sharemarket on this Thursday. Following soft leads, the Australian share market opened lower and is 2.41 percent down at noon. Local investors left stocks high and dry in an early sell-off and have reversed almost all of yesterday’s relief rally.
 
The S&P/ASX 200 index is 126 points down at 5,095. On the futures market the SPI is 120 points lower. 
 
Economic news

The ABS reported the Australian economy added more jobs that expected in August. Employment rose by 17,400 from July beating estimates. The jobless rate dropped to 6.2 percent as economists attribute the encouraging hiring conditions to low interest rates and a falling currency.
 
Company news
 
Veda Group Limited (ASX:VED) has denied speculation of a takeover bid for iSentia Group Limited. Responding to market rumours of acquisition interest for the media intelligence group, Veda confirmed that it had no such interest in the $690 million iSentia Group. The credit reference agency reported a 13.8 percent increase in net profit to $78.4 million in FY15. Shares in Veda Group are trading down 3.05 per cent at $2.06. 
 
Cash Converters International Limited (ASX:CCV) has announced the appointment of Mr Mark Reid as CEO, to replace the retiring Mr Ian Day. Long-serving board member Mr Reginald Webb will also retire at the end of FY16. The payday lender acknowledged operational and regulatory challenges. The company reported a full independent review of the business will take place in an effort to formulate a three year strategic growth plan. Shares in Cash Converters are trading up 0.57 per cent at $0.44. 
 
Best and worse performers

All indices were lower. The sector with the least losses is Staples, losing 1.6 per cent to 8,238. Shares in Metcash have risen 0.47 per cent and are trading at $1.07. Shares in Tassal Group and Coca-Cola were lower. 
 
The worst performing sector is Energy, falling 3.53 per cent to 8,626. Shares in LNG have fallen 10.50 per cent, trading at $2.13. Shares in Paladin Energy and Worley Parsons are also lower. 
 
IPOs

Future Generation Global Investment Company (ASX:FGG) started trading today. The philanthropic investor floated with an issue price of $1.10, opened at $1.07 and is currently trading at $1.06.    
 
Gold and the dollar

Finally, to gold and the dollar: Gold is trading at almost $US1,106 an ounce.
The Australian dollar is buying $US0.6968.