.
Following a negative lead from Wall Street the Australian share market has dropped 0.6 per cent at noon. A falling oil price has pushed the energy sector to the worst performer and the telcos and miners are also lower. A stronger gold price has supported the gold sub-index ahead of this week’s US Federal Reserve rate decision on Wednesday. Consumer staples and tech stocks have also risen while Vocation Limited (ASX:VET) has jumped 13 per cent after the education group divested two businesses for $15 million.
Figures
The S&P/ASX 200 index has retreated 38 points to 5,776. On the futures market the SPI is 37 points lower.
Company news
Woodside Petroleum Limited (ASX:WPL) has temporarily shut-in production at its Pluto LNG Plant in Western Australia. The oil and gas producer says it took action after a submersible drilling rig under contract to another party drifted near Pluto flowlines. Production will be restarted when the rig has been relocated away from Pluto infrastructure. Shares in Woodside Petroleum are trading 2.39 per cent lower at $33.92.
Origin Energy Limited (ASX:ORG) has advised the first of two new production wells at the BassGas Joint Venture with AWE Limited (ASX:AWE) has successfully spudded. The energy giant is the operator of the JV and says current activities are designed to extend production from the Yolla field through the BassGas production facility at Lang Lang in Victoria. Shares in Origin Energy are trading 1.74 per cent lower at $11.30.
Best and worst performers
The best performing sector is consumer staples, gaining 0.1 per cent to 9,260. Shares in Metcash Limited (ASX:MTS) have risen 2.31 per cent and trading at $1.44. Shares in Wesfarmers Limited (ASX:WES) and Woolworths Limited (ASX:WOW)are also stronger.
The worst performing sector is energy, falling 2.3 per cent to 10,900. Shares in Senex Energy Limited (ASX:SXY) have dropped 4.48 per cent, trading at $0.32. Shares in Oil Search Limited (ASX:OSH) and Beach Energy Limited (ASX:BPT) are also lower.
Gold and the dollar
Gold is buying $US1,156 an ounce.
The Australian dollar is buying $US0.7629.
(20min delay)