Midday: Miners push ASX 0.8% down

Market Reports

The Australian share market has followed offshore leads lower and shed 0.8 per cent in morning trade, with the miners weighing after a series of financial reports and project warnings this week. 
 
The S&P/ASX 200 index has shed 36 points to sit at 4,348. On the futures market the SPI is 34 points down.    
 
Company news

Shares in Fairfax Media Limited (ASX:FXJ) have extended yesterday’s falls after releasing a full year net loss and today plunged new lows amid reports major shareholder Gina Rinehart is looking to sell part of her stake. 

Gaming company Tabcorp Holdings Limited (ASX:TAH) has begun legal action against the state of Victoria and is seeking $687 million due to the state government's ruling on gaming operator licences.
 
Pay TV operator Sky Network Television Limited (ASX:SKT) has improved its full year net profit by 3 per cent and says it expects to post a similar result in fiscal 2013.
 
Law firm Slater & Gordon Limited (ASX:SGH) has posted a 10.5 per cent fall in its full year net profit but forecast earnings growth in the year ahead. 
 
Best and worst performers

The best performing sector is telco services gaining 5 points to 1,281. Shares in Telstra Corporation Limited (ASX:TLS) have risen 0.4 per cent and trading at $3.73. Shares in Singapore Telecommunications Limited (ASX:SGT) and Telecom Corporation of New Zealand (ASX:TEL) are also lower. 
 
The worst performing sector is materials, falling 146 points to 9,711. Shares in Fortescue Metals Group Limited (ASX:FMG) have fallen 5.66 per cent, trading at $4.00. Shares in Arrium Limited (ASX:ARI) and Alumina Limited (ASX:AWC) are also lower. 
 
Gold and the dollar

Gold is trading at $US1,669 an ounce.
The Australian dollar is buying $US1.044.