Midday: Aus shares 1.36 per cent lower at noon

Market Reports

Following weak leads from Wall Street, the Australian share market opened in negative territory this morning and is currently 1.36 per cent lower at noon. The materials space has been hit the hardest with falls in Rio and BHP pulling down the index on fears surrounding commodity prices and slowing economic activity in China.
 
The S&P/ASX 200 index is down 69 points to 5,034. On the futures market the SPI is down 83 points. 

Company news
 
Norwood Systems Limited (ASX:NOR) has embarked on a revised growth strategy for the remainder of 2015. The objectives cover World Phone growth targets for the retail market and additional strategic partnerships. Shares in Norwood Systems are trading down 8.33 per cent at 2.2 cents. 
 
AWE Limited (ASX:AWE) has spud a second exploration well in China. The well in the Bohai Bay Basin will be drilled to a depth of 3.6 kilometres, which will take 26 days to complete. Shares in AWE Limited are trading down 3.42 per cent at 70 cents. 
 
Best and worst performers

All indicies are lower but the best performing sector is Telecommunications, down 0.39 per cent to 2,018. Shares in TPG Telecom have risen 5.3 per cent and trading at $10.53. Shares in Vocus Communications are stronger and Telstra are weaker. 
 
The worst performing sector is Materials, falling 2.4 per cent to 7,699. Shares in Independence Group have fallen 5.77per cent, trading at $2.94. Shares in Evolution Mining and Syrah Resources are also lower. 
 
Gold and the dollar

Gold is trading at $US 1,124 an ounce.
The Australian dollar is buying 70.5 US cents.