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Resources stocks weigh on Aust sharemarket

The materials and energy sectors are under pressure in early trade as the Australian share market continues to reverse its climb past 6,000 points.

Morning headlines

Former Xstrata boss in race to chair Rio The Fin

Oil prices fall for third straight day

Oil prices have fallen for a third day in a row as forecasts for rising US crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA).

Gold edges up from one-week low

Gold rose slightly on Tuesday, as a weakening US dollar and sluggish stock market helped pull the precious metal off a one-week low hit in early trade, while traders also said uncertainty over the fate of a US tax cut prompted some safe-haven buying of gold.

$A little changed against $US

The Australian dollar is steady against the US dollar after an up and down night of trade that saw the currency peak near 76.50 US cents.

Inclusivity builds opportunity

AWB Building Co principal Graeme Kennedy cites the introduction of the National Disability Insurance Scheme as the key driver of his decision to set up his business three years ago.

Quintis receives $US20m lifeline

Embattled sandalwood producer Quintis has been thrown a lifeline after entering into a high-interest debt facility for up to $US20 million ($15 million), while also announcing a net loss after tax of $416.8 million for the year to June 2017.

SKA precursor telescope doubled in size

A $2.2 million expansion of the Murchison Widefield Array radio telescope has been completed, doubling the number of antenna stations at the facility, as design work on the planned Square Kilometre Array continues.

Shell quits entire Woodside stake

Royal Dutch Shell has sold its entire shareholding in Woodside Petroleum for $3.5 billion, after strong demand from institutional investors prompted the energy giant to upsize its previously announced sell-down.

Aust stocks back below 6,000 points

The share market has taken its sharpest fall in seven weeks as profit-takers moved in, selling off across the market and dropping the benchmark index back under 6,000 points.

Lustrum completes $5m initial public offer

Shares in Subiaco-based Lustrum Minerals are due to start trading tomorrow after the company completed a $5 million initial public offering to allow the company to fund development of its coal projects in Queensland.

Notre Dame sets sights on Customs House

The University of Notre Dame Australia has entered into an agreement to purchase the heritage-listed Customs House building in Fremantle’s West End for an undisclosed sum.

Brownes sold to Chinese consortium

Western Australia’s three largest dairy producers are now under foreign ownership, after Brownes was sold to a consortium of investors that includes Chinese dairy operator Shanghai Ground Food.

Fastbrick to build second prototype

Fastbrick Robotics has announced it will build a second of its commercial prototype Hadrian X bricklaying robots in an effort to improve testing procedures.

Oz Minerals advances Cassini joint venture

OZ Minerals has progressed its joint venture with local explorer Cassini Resources at the West Musgrave nickel-copper project after positive results in a further scoping study.

Cautious optimism on civil construction

Civil infrastructure work in WA is expected to stabilise at around $6.5 billion a year, underpinning renewed optimism in the sector, the Civil Contractors Federation WA has found.

S&P/ASX200 dips below 6,000 points

A weak start to trading has sent the share market's leading index back below the 6,000-point level it broke last week.

Morning Headlines

Rinehart warns of collapse in investment

$A slips against $US with little news

The Australian dollar has continued its slide against a steady US dollar, with little news to give it impetus.

Gold recovers lost ground as $US steadies

Gold recouped some of the previous session's hefty losses on Monday as the US dollar steadied and uncertainty over a US tax reform plan stoked risk aversion, pulling equities from their recent record highs.

Oil steady near 2yr high, supply caps rise

Oil prices have held steady in a tight range after briefly testing lower, with support from Middle East tensions and record long bets by fund managers balanced by rising US production.

The Marina, Mindarie named WA's best venue

The Marina, Mindarie was named Perth’s best hospitality venue at last night’s Western Australian Hospitality Awards for Excellence, joining the State Buildings and Print Hall as the most recent winners of the prestigious award.

Optimism drives graphite raisings surge

SPECIAL REPORT: Activity in Western Australia’s graphite sector is continuing apace, with local hopefuls seeking to raise more than $70 million this quarter, an amount similar to that raised for the entire financial year just past.

Capital inflow turns talk positive

SPECIAL REPORT: Financing opportunities have improved markedly from just two years ago for the state’s junior miners, amid growing demand for drill rigs and skilled workers.

Equus gas deal could spark pipeline option

Even those with only a passing interest in the resources sector would recognise there’s something unusual about an iron ore miner talking up a natural gas project and an oilman talking it down.

Stockland strikes $91m deal

ASX-listed property group Stockland has invested $91 million in the purchase of more than 4,600 residential lots across three metropolitan corridors in Perth, comprising a total 385 hectares of land.

Fortescue cuts ties with TransAlta

Fortescue Metals Group has terminated its agreement with TransAlta Corporation to purchase power from the recently completed South Headland power station after the miner raised performance concerns in August.

Equus deal targets domgas supplies

A newly established company led by a group of Perth oil and gas executives aims to become a major supplier to the domestic gas market after buying the offshore Equus gas fields from US company Hess Corporation.

Mustang boss resigns

Mustang Resources managing director Christiaan Jordaan has resigned two weeks after an auction for its rubies in Mauritius brought disappointing results.

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