Midday: Aus shares slump on open

Market Reports


Following negative leads from US markets, the Australian share market opened sharply lower and has since regained some vigour to be just over half a per cent down at noon.  
 
The S&P/ASX 200 index is 32 points down at 5,070. On the futures market the SPI is 32 points lower. 

Company news
 
OzForex Group Limited (ASX:OFX) has today rebranded as OFX and launched a new website ofx.com. The consolidation to a single global brand is to identify to customers globally as part of the company’s global acceleration strategy. Shares in OFX last traded 0.16 per cent lower at $3.20. 
 
AUB Group Limited (ASX:AUB) says it will sell its 50 per cent stake in Strathearn Insurance Group for around $5.9 million. The funds will be used to repay debt in the short term. Shares in AUB Group is flat at $8.90. 
 
Best and worst performers

The best performing sector is consumer discretionary, gaining 0.7 per cent to 1,913. Shares in Dominos have risen 4.95 per cent and trading at $56.66. Shares in Seven West Media and Mantra are also stronger. 
 
The worst performing sector is materials, falling 2.2 per cent to 6,609. Shares in Oz Minerals have fallen 7.42 per cent, trading at $3.87. Shares in Evolution Mining and Northern Star are also lower. 
 
IPO's

Class Limited (ASX:CL1) started trading today. The cloud-based self-managed superfund software provider floated with an issue price of $1.00, opened at $1.25 and is currently trading at $1.37.    
 
Gold and the dollar

Gold is trading at $US1,054 an ounce.
The Australian dollar is buying 71.20 US cents.