Following negative leads from US markets reacting to soft wages growth despite an increase in jobs for December, the Australian share market dropped over 40 points on open before recovering a little to be 0.38 per cent down at noon. Energy shares are being squeezed after oil futures capped their seventh consecutive weekly loss. European markets also shed heavily ahead of the weekend on disappointing Eurozone inflation figures.
The S&P/ASX 200 index is 23 points down at 5,443. On the futures market the SPI is 18 points lower.
Economic news
The ANZ jobs report for December has shown a 1.8 increase in the number of jobs advertised. Job ads are now 11.4 per cent higher than 12 months ago with December posting the seventh consecutive month of increases. However high job losses are cancelling out the increased ads meaning the rise is yet to result in reduction in unemployment.
To company news:
Software and services company Rewardle Holdings Limited
(ASX:RXH) has signed leading Italian restaurant chain La Porchetta to its online loyalty platform. Rewardle beat out a number of loyalty technology vendors to win the service agreement for around 70 franchised restaurants across Australia. The contract follows agreements with Taco Bills and Nike retail stores. This latest deal will add approximately $40,000 to yearly revenue
Shares in Rewardle are trading up 5 per cent at $0.21.
Following on from its record quarterly output report last week junior gold miner Ramelius Resources Limited
(ASX:RMS) says it has intersected high grade gold at its Blackman’s project in Mount Magnet, Western Australia. Ramelius has recently secured the remaining 25 per cent of the Blackman’s Mining Lease giving it 100 per cent equity in the project. As the lease is located just 30 km from existing operations it means that any future mining of the project can be run and processed through existing facilities. Shares in Ramelius Resources are trading up 20.78 per cent at $0.09.
Best and worst performers
All sectors are trading down today. The sector with the least losses is staples, slipping nearly 0.1 per cent to 9,202. Shares in Graincorp have risen 1.75 per cent and are trading at $8.71. Shares in Tassal Group and Woolworths are also stronger.
The worst performing sector is energy, falling 1.4 per cent to 11,067. Shares in Sundance Resources have fallen 4.5 per cent, trading at $0.48. Shares in Horizon Oil and Senex Energy are also lower.
Gold and the dollar
Gold is trading at $US1,224 an ounce.
The Australian dollar is buying 82.22 US cents
