Ian Morrice stands down from Myer directorship

Market Reports

Following mixed offshore leads, the Australian share market is stuck in the red at midday.

The S&P/ASX 200 index is 22 points weaker at 5083. On the futures market the SPI is down 19 points.
 
Economic news
 
The Australian Industry Group’s performance of manufacturing index rose last month – marking the slowest pace of contraction in eight months

Company news  
 
Ian Morrice has announced his resignation from the board of directors at department store Myer.   The non executive director has sighted a conflict as interest, as he prepares to take on the top job at Metcash (ASX:MTS). Myer will begin the search for a replacement, as Mr Morrice moves into his new Metcash role by June 30. Metcash shares are 0.86 per cent  firmer at $4.12.
 
 
Design and development software company TZ Limited (ASX:TZL), which is chaired by celebrity financier Mark Bouris, has this morning reported an interim net loss. In the half year ended December 31, the company turned in a loss of 12 million.  TZ Limited shares have dropped 4% to 10 cents.
 
 
Best and worst performers:

The best performing sector is Finacials, excluding REETS, it’s gainined 17 points to 6273.  Shares in Challenger (ASX:CGF) have risen 3.46 per cent and are trading at $3.73. Shares in NAB (ASX:NAB) and Westpac (ASX:WBC) are also stronger.
 
The worst performing sector is Materials., It’s fallen 151 points to 10,587. Shares in Saracen Mineral Holdings (ASX:SAR) have shed 7 per cent to 33 cents. Shares in Purseus (ASX:PRU) and St Barbara (ASX:SBM) are also lower.
 
 
Gold and the dollar

Gold is trading at $US1581 an ounce
The Australian dollar is buying $US1.021.