Midday: ASX follows global selloff

Market Reports

Following major losses overseas, the Australian share market slid lower on open and is 0.8 per cent down at noon. US markets dived overnight on poor global growth forecasts from the IMF, while European markets also slumped with Germany’s industrial production dropping in August.
 
All major sectors were down today with materials the worst performing sector. BHP Billiton is down more than 2 per cent. 
 
The Aussie dollar has stayed above the $US0.88 mark this morning and is currently trading at $US0.8817
 
The S&P/ASX 200 index is 38 points down at 5,246. On the futures market the SPI is 27 points lower. 
 
Company news
 
BC Iron Limited (ASX:BCI) has increased its relevant interest in Iron Ore Holdings to 90.37 per cent as of yesterday afternoon. The iron ore miner says its pleased to reach the 90 per cent acceptance milestone and urges shareholders who have not accepted the offer to so without delay. The offer will not be extended beyond the October 14 deadline. Shares in BC Iron are trading down 1.01 per cent at $1.47
 
Imugene Limited (ASX:IMU) has received a patent in the US for its HER-Vaxx gastric cancer immunotherapy treatment. The biopharmaceutical company says the patent covers the method of composition and method of use of its product. The company says stomach cancer is the second most common cause of cancer-related death in the world. Shares in Imugene are trading flat at $0.01
 
Best and worst performers

All major sectors are down today. The sector with the least losses is real estate investment trusts, losing 0.1 per cent to 1,086. Shares in Mirvac Group (ASX:MGR) have gained 1.04 per cent and trading at $1.69. Shares in Cromwell Group (ASX:CMW) and Westfield Corporation Limited (ASX:WFD) are also stronger. 
 
The worst performing sector is materials, falling 1.3 per cent to 9,043. Shares in Medusa Mining Limited (ASX:MML) have fallen 3.95 per cent, trading at $0.73. Shares in Newcrest Mining Limited (ASX:NCM) and Sirius Resources NL (ASX:SIR) are also lower. 
 
Gold and the dollar

Gold is trading at $US1,211 an ounce.
The Australian dollar is buying $US0.8817