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Despite more record highs on Wall Street the Australian share market has started the new week and trading month in the red. Excitement over Japan’s surprise stimulus on Friday has been offset by China’s disappointing manufacturing data on the weekend. Lower commodity prices have stung the miners while retailers are struggling after Woolworths Limited (ASX:WOW) softer than expected quarterly sales.   

 

On the economic front, as a number of reports continue to roll in the property sector is in the spotlight. The Australian Bureau of Statistics has shown building approvals sank 11 per cent in September and RP Data has shown property price growth slowed last month.   

 

Figures

 

The S&P/ASX 200 index has dipped 4 points to 5,522. On the futures market the SPI is 14 points lower. 

 

Economic news

 

Australia's manufacturing sector recovered slightly last month but still remained in contraction territory. The Australian Industry Group's (AiG) performance of manufacturing index rose 2.9 points to 49.4 in October but remained below 50 which separates expansion from contraction. 

 

Inflation rose modestly last month while still staying near the lower end of the central bank’s target. TD Securities and the Melbourne Institute’s monthly inflation gauge firmed 0.2 per cent in October to reach an annual inflation rate of 2.3 per cent.

 

Job advertisements have risen for the fifth straight month. ANZ Banking Group (ASX:ANZ) has shown internet and newspaper job ads gained 0.2 per cent in October for an annual gain of 7.5 per cent. 

 

Company news

 

Australia’s richest person, mining magnate Gina Rinehart, will leave the board of Ten Network Holdings Limited (ASX:TEN) after resigning as a director. The media company says the position will be filled by John Klepec, who also holds the position of chief development officer at Mrs Rinehart’s company Hancock Prospecting. Ten’s Managing Director Hamish McLennan has highlighted Mr Klepec’s experience with BHP Billiton Limited (ASX:BHP), Mayne Group and BGC Group. Shares in Ten Network Holdings have risen 1.14 per cent to $0.22 at noon. 

 

Toro Energy Limited (ASX:TOE) has secured a cash injection and new key shareholder through a binding financing and asset acquisition deal. Global resources investor The Sentient Group will invest up to $20 million in Toro, giving it a 19 per cent stake in the company. Toro will also acquire a number of Canadian based uranium investments from Sentient. Shares in Toro Energy last traded at $0.08 before entering into a trading halt in order to complete the capital raising.

 

Best and worst performers

 

Most sectors are trading in negative territory: The best performing sector is real estate investment trusts, gaining 0.6 per cent to 1,160. Shares in Charter Hall Retail REIT (ASX:CQR) have risen 1.23 per cent and trading at $4.12. Shares in Charter Hall Group (ASX:CHC) and Investa Office Fund (ASX:IOF) are also stronger. 

 

The worst performing sector is consumer staples, falling 1.4 per cent to 9,954. Shares in Woolworths Limited (ASX:WOW) have dropped 4.19 per cent, trading at $34.49. Shares in Metcash Limited (ASX:MTS) are lowr while shares in Asaleo Care Limited (ASX:AHY) are steady at noon. 

 

Gold and the dollar

 

Gold is trading at $US1,166 an ounce. 

The Australian dollar is buying $US0.8731.