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Despite gains in US and Europe the local share market opened lower and is 0.7 per cent down at noon. 

 

Shares in Myer are down almost 5 per cent on news of weak sales growth while BHP has dipped more than 2 per cent as it shelves plans to sell its WA nickel mines.

 

The major miners and the big banks are all trading lower today.

 

The S&P/ASX 200 index is 38 points down at 5,480. On the futures market the SPI is 38 points lower. 

Economic news

The Australian Bureau of Statistics has shown a 0.6 per cent increase in the wage price index for the September quarter, with private sector wage growth a touch stronger than public sector. 

 

Company news

 

DuluxGroup Limited (ASX:DLX) has reported a boost in net profit of 21.4 per cent with strong growth in earnings. The paint and building products company says the profit result of $111.9 million flowed from sales growth in Australia and New Zealand as well as a full year contribution from Alesco. The company offered some forward guidance with an expectation that the 2015 net profit figure will exceed this year’s result.  Shares in Dulux are trading 0.63 per cent lower, at $5.57

 

Asciano Limited (ASX:AIO) has forecast earnings growth of more than 5 per cent as well as  major capital expenditure in a look ahead at the 2015 financial year. The mining infrastructure company says expenditure this year will be between $600 and $700 million. Shares in Asciano are trading up 0.24 per cent at $6.28 

 

Best and worst performers

The best performing sector is utilities, gaining 0.3 per cent to 6,079. Shares in AusNet Services (ASX:AST) have risen 2.14 per cent and trading at $1.43. Shares in APA Group (ASX:APA) and Spark Infrastructure Group (ASX:SKI) are also stronger. 

 

The worst performing sector is materials, falling 1.6 per cent to 9,156. Shares in Atlas Iron Limited (ASX:AGO) have fallen 9.18 per cent, trading at $0.22. Shares in BC Iron Limited (ASX:BCI) and Mount Gibson Iron Limited (ASX:MGX) are also lower. 

 

IPO

Emperor Range Group Limited (ASX:ERX)started trading today. The copper and gold miner floated with an issue price of $0.20, opened at $0.23 and is currently trading at $0.23.    

 

Gold and the dollar

Gold is trading at $US1,162 an ounce.

The Australian dollar is buying $US0.8681.