The Aussie market is suffering through a heavy selloff so far today, with the XJO presently down 65 points (-1.5%), at 4136. The losses are widespread, with most sectors underwater. Materials, energy and IT stocks are the hardest hit, whilst consumer staples and telcos are the best of a bad bunch.

In economic news, Australian producer prices rose 0.5% in the second quarter of 2012, compared to the first quarter, Australian Bureau of Statistics data showed today.

The rise in the index in the second quarter was due to price rises across the agriculture, petroleum refining and manufacturing sectors, the ABS said. In company news, Intrepid Mine has plummeted 51.4% after announcing that its JV minority partner has halted operations at their Tujuh Bukit project in Indonesia. Elsewhere, Resolute Mining has dropped 5.9% after its quarterly production numbers missed expectations. Around the region, Asian markets are all weaker; the Hang Seng is down a whopping 2.5% and the Nikkei is off 1.5%.

Midday Market Analysis: Aussie Struggling is a post from: Australian Stock Report Market Pulse Blog