Following negative offshore leads, the Australian share market opened sharply lower and continues to trade in the red as investors remain cautious over the ongoing debt crisis in the eurozone.
The S&P/ASX 200 index is 18 points down at 4,010. On the futures market the SPI is 19 points lower.
Company news
Seven West Media Limited (ASX:SWM) has appointed Dan Voelte as managing director and CEO which will see David Leckie move in to a new role as executive director of diversified operating and investment group, Seven Group Holdings Limited (ASX:SVW). Mr Voelte who is currently a director of Seven West Media, was the former managing director and CEO of Woodside Petroleum Limited (ASX:WPL). Separately, Seven West confirmed its full year guidance for underlying earnings of between $460 to $470 million. Shares in Seven West are trading down 8.88 per cent at $1.79.
Fortescue Metals Group Limited (ASX:FMG) has confirmed its biggest shareholder and founder Andrew Forrest has acquired about $62 million of shares. Mr Forrest is reportedly seeking 60 million additional shares in an “all or nothing” bid with the assistance of broker Morgan Stanley. Shares in Fortescue are trading down 0.21 per cent at $4.84.
Best and worst performers
The best performing sector is Health Care gaining 102 points to 9,088. Shares in Sigma Pharmaceutical Limited (ASX:SIP) have risen 2.94 per cent and trading at $0.61. Shares in CSL and Primary Health Care are also stronger.
The worst performing sector is Materials, falling 64 points to 9,312. Shares in Bathurst Resources Limited (ASX:BTU) have fallen 7.89 per cent, trading at $0.35. Shares in Lynas Corporation and Alumina are also lower.
Gold and the dollar
Gold is trading at $US1,584 an ounce and the Australian dollar is buying $US1.003.
