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The Australian share market has opened lower and is trading 0.91 per cent down at noon following dips in global markets and a nearly 4 per cent drop in the oil price overnight. Iron ore also slipped a further 2 per cent.

 

The S&P/ASX 200 index is 58 points down at 5,315. On the futures market the SPI is 73 points lower. 

 

Economic news

The ANZ Roy Morgan survey of consumer confidence took a tumble last week, diving 3.1 per cent to 110.4, its worst level in four months. The decline was due to the lack of confidence in the economic outlook, media focus of the government’s economic management and weak GDP figures. Confidence in the economic outlook for the next 12 months was down by 7.8 per cent whilst the next five years was down by 8 per cent, another sharp drop. 
 

Company news

 

Shares in Skilled Group Limited (ASX:SKE) are enjoying a lift after the company responded to a ASX price inquiry. The query was issued following a plunge in the share price from $2.20 to $1.16 over a two week period. Skilled Group told the market that there had been no change in its operations or outlook other than acquiring the remaining 50 per cent of OMSA it had already announced. Skilled said market conditions in Workforce services remain challenging. It also does not expect any immediate impact from the change in oil prices. The company reiterated that business remains strong with targeted cost savings for the 2015 financial year on track. Shares in Skilled Group have rebounded 6.3 per cent and are trading at $1.35. 

 

Origin Energy has announced a new gas discovery off the coast of Victoria. The potential for commercial quantities of gas has been discovered in the Waarre Formation reservoirs in the Otway Basin. The discovery of a gas column is immediately north of previous discoveries Origin made back in 2006. Further evaluation secondary targets are underway. Shares in Origin Energy Limited (ASX:ORG) have been caught up in today’s energy sell down and are trading down 2.91 per cent at $11.01. 

 

Best and worst perfomers

The best performing sector is telco services, gaining 0.6 per cent to 2,006. Shares in Spark New Zealand have risen 1.47 per cent and are trading at $2.76. Shares in Telstra and TPG Telecom are also stronger. 

 

The worst performing sector is energy, falling 3.9 per cent to 10,741. Shares in Sundance Energy have fallen 13.89 per cent, trading at $0.47. Shares in Senex Energy and Santos are also lower. 

 

Gold and the dollar

Gold is trading at $US1,201 an ounce.

The Australian dollar is buying 82.65 US cents.