News: Midday: Aus shares follow US lower

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The Australian share market has dipped a liitle over half a per cent this morning on the back of a reversal of gains in the US. 

 

Losses were led by the miners and the banks.

 

The S&P/ASX 200 index is 32 points down at 5,401. On the futures market the SPI is 33 points lower. 

 

Company news

 

Frank Lowy’s spin-off Scentre Group (ASX:SCG) started trading today. The new entity comprises of the Australian and New Zealand side of Westfield’s mall operations. The company was created from the restructure of Westfield Group and the Westfield Retail Trust. The $70 billion restructure got the green light from investors only last week. Shares in Scentre Group are trading 2.96 per cent down at $3.12.

 

Aristocrat Leisure Limited (ASX:ALL) has confirmed it’s in advanced discussions with US company VGT about a potential takeover. The poker machine maker has responded to media speculation about the deal saying it’s conducting final due diligence, but adds, there is no certainty a deal will go ahead. The company says it has a disciplined approach to transactions and would only consider an acquisition that enhances shareholder value. Shares in Aristocrat are trading down 1.65 per cent at $5.38.

Best and worst performers
 

All major sectors are down today. The sector with the least losses is telco services losing 2 points to 1,807. Shares in TPG Telecom Limited (ASX:TPM) have risen 0.71 per cent and trading at $5.69. Shares in Singapore Telecommunications (ASX:SGT) are slightly higher while Telstra Corporation Limited (ASX:TLS) is lower. 

 

The worst performing sector is real estate investment trusts, falling 13 points to 1,073. Shares in Shopping Centres Australasia Property Group (ASX:SCP) have fallen 1.96 per cent, trading at $1.76. Shares in GPT Group (ASX:GPT) and Abacus Property Group (ASX:ABP) are also lower. 

IPOs
 

Gentrack (ASX:GTK) started trading today. The utilities software solutions company floated with an issue price of $2.19, opened at $2.29 and is currently trading at $2.30.

 

Managed Accounts (ASX:MGP) also started trading today. The managed accounts solutions company floated with an issue price of $0.20, opened at $0.21 and is currently trading at $0.19.    

 

Gold and the dollar

Gold is trading at $US1,316 an ounce.

The Australian dollar is buying $US0.9364