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Following negative leads the Australian share market has plunged almost 2 per cent in morning trade and remains lower as retail sales data disappointed. Official figures show retail sales rose 0.3 per cent in March, missing expectations for a gain of 0.4 per cent.
Across the board - the banks are accelerating losses after Commonwealth Bank of Australia (ASX:CBA) posted a flat cash profit over the third quarter. While all sectors are lower energy stocks have fared better after the price of oil rose above $US60 per barrel for the first time since December.
Figures
The S&P/ASX 200 index has retreated 103 points to 5,724. On the futures market the SPI is 101 points lower.
Economic news
New home sales have surged to level not seen since early 2010. The Housing Industry Association’s New Home Sales Report reveals new home sales rose 4.4 per cent.
Company news
Ramsay Health Care Limited (ASX:RHC) has improved its annual profit forecast and revealed it is on the hunt for more acquisitions. The private hospital operator expects to deliver core net profit after tax growth of between 18 to 20 per cent in the 2015 financial year. The upward revision has been credited to strong first half results and the continuation of robust growth. Shares in Ramsay Health Care have fallen 2.48 per cent and are trading at $61.63.
Lend Lease Group (ASX:LLC) says it is increasingly looking offshore for opportunities to build new projects. The property developer has highlighted increasing land prices in Australia and noted its exposure remains modest. Looking ahead Lend Lease plans to keep a particular focus on Asia and the Americas. Shares in Lend Lease Group have fallen 2.48 per cent and are trading at $16.11.
Best and worst performers
All sectors are trading in the red: The sector with the smallest losses is energy, easing 0.6 per cent to 11,868. Shares in Sundance Energy Australia Limited (ASX:SEA) have risen 5.69 per cent and trading at $0.65. Shares in AWE Limited (ASX:AWE) and Karoon Gas Australia Limited (ASX:KAR) are also stronger.
The worst performing sector is financials excluding REITs, dropping 2.2 per cent to 6,559. Shares in Magellan Financial Group Limited (ASX:MFG) have fallen 5.32 per cent, trading at $18.86. Shares in Henderson Group plc (ASX:HGG) and Commonwealth Bank of Australia (ASX:CBA) are also lower.
Gold and the dollar
Gold is buying $US1,195 an ounce.
The Australian dollar is buying $US0.7934.
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