Following positive leads, the Australian share market opened lower and is down 0.3 per cent at noon.
The S&P/ASX 200 index is 17 points down at 4,195. On the futures market the SPI is down 17 points.
Company news
Queensland focused coal company Bandanna Energy Limited (ASX:BND) has reportedly teamed up with Acacia Coal Limited (ASX:NRL). According to the Australian Financial Review the joint venture will be announced later today. Shares in Bandanna Energy are trading 1.95 per cent higher at $0.785.
Rare earths developer Arafura Resources Limited (ASX:ARU) has announced a major resource upgrade. The substantial upgrade in JORC Mineral Resources is at its Nolans Bore rare earths deposit. Shares in Arafura Resources are steady at $0.31.
Best and worst performers
The best performing sector is Consumer Discretionary gaining 3 points to 1,269. Shares in Billabong have risen 2.96 per cent and trading at $2.78. Shares in Domino's Pizza Enterprises and APN News and Media are also stronger.
The worst performing sector is Materials, dipping 13 points to 10,994. Shares in Mirabela Nickel have fallen 5.26 per cent, trading at $0.81. Shares in Integra Mining and Newcrest Mining are also down at noon.
New Zealand
The NZSX50 is up 11 points at noon.
Taking a look at the top four stocks by turnover, Chorus is at the top of the list with stock 3.43 per cent higher at $3.62, followed by Telecom Corporation of New Zealand, Fletcher Building and Westpac Banking Corporation.
Gold and the dollar
Gold is trading at $US1,711 an ounce.
The Australian dollar is buying $US1.054.
