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.
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.