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Following negative leads from US and Europe, the Australian share market opened lower and is 0.24 per cent down at noon. 

 

Slumping iron ore prices and sinking oil futures are weighing heavily on resource stocks whilst the latest figures out of China Household Finance Survey show that the big surge in China’s equity markets last year lacked meaningful fundamentals. 

 

The S&P/ASX 200 index is 15 points down at 5,877. On the futures market the SPI is 13 points lower. 

 

Economic news

The AIG Performance of Manufacturing Index for March rose 0.9 points to 46.3 placing it well below the 50 mark and showing contraction. It’s the fourth straight monthly decline despite the lower Aussie dollar.

 

Meanwhile, Core Logic RP data figures show the annual growth rate of home values has moderated to 7.4 per cent, the lowest level in 18 months. Sydney continues to sound to a different beat though, home values there rose 3 per cent in March making it a 5.8 per cent rise for the quarter, the strongest lift in 6 years.  

 

Company news

 

Anglogold Ashanti (ASX:AGG) confirmed it is seeking a joint venture partner or buyer for its Cripple Creek & Victor mine in the US and also received an offer for its mines in Mali. The gold miner has been working hard to reduce debt levels and identified sales were needed. The company has received a qualified approach for its interests in Mali and a binding bid has been requested. Shares in Anglogold Ashanti last traded at $2.58. 

 

Fletcher Building Limited (ASX:FBU) says subsidiary Fletcher Living has agreed to sell 5.5 hectares of land on its Manukau Golf Course to Metcarelife. The land has development approval for 479 homes and Metcarelife is planning a retirement village for the site. Earthworks will begin in October 2016. Shares in Fletcher Building slipped 0.12 per cent to $8.24. 

 

Best and worst performers

The best performing sector is healthcare, gaining 0.9 per cent to 19,560. Shares in Ansell have risen 3.59 per cent and are trading at $28.54 on yesterday’s takeover announcement. Shares in Sonic Healthcare and CSL are also stronger. 

 

The worst performing sector is materials, falling 1.4 per cent to 9,101. Shares in Sandfire Resources have fallen 4.64 per cent, trading at $4.21. Shares in Sirius Resources and Independence Group are also lower. 

 

IPO's

Aeeris Limited (ASX:AER) started trading today. The consumer services company floated with an issue price of $0.25, opened at $0.25 and is currently trading at $0.23.    

 

Finally, to gold and the dollar: Gold is trading at $US1,185 an ounce.

The Australian dollar is buying 76.28 US cents.