After a grim start to the day on the back of tumbling copper prices the local market managed to pare some of its losses throughout the afternoon to close 0.4 per cent lower. The recovery came on the back of strong jobs figures from the ABS.
While the materials sector weighed on the market throughout the day, the consumer staples sector was buoyed by the unemployment rate’s surprise drop to 6.1 per cent for December.
The news will take some pressure off the RBA to lower rates but an increasing number of influential voices are still predicting a rate cut in 2015 including ANZ which has shifted its cash rate forecast towards lower rates.
The S&P/ASX 200 index closed 22 points down to finish at 5,331.
The value of trades was $5.2 billion on volume of 795 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 21 points down.
Company news
Woodside Petroleum Limited
(ASX:WPL) saw its share price dip despite reporting record output and sales revenue over the 2014 calendar year and flagging plans to revise its investment expenditure.
The oil and gas producer increased production by 9.3 per cent to a record 95.1 million barrels of oil equivalent (mmboe) last year. Woodside closed 1.35 per cent down at $35.06
Shares in Iluka Resources Limited
(ASX:ILU) slipped today as it posted sinking output and revenues over the 2014 calendar year.
The Australian based miner has shown total mineral sands production dropped 14.7 per cent to just over 900 tonnes. Shares in Iluka closed 2.48 per cent down at $6.29
Mark Bouris’ TZ Limited
(ASX:TZL) says it is working with Singapore Post to establish on-going supply requirements for this year.
Coca-Cola Amatil Limited
(ASX:CCL) has announced its Chief Financial Officer and the boss of its tinned fruit SPC subsidiary will step down.
Mesoblast Limited
(ASX:MSB) has welcomed results from the latest round of trials for chronic low back pain.
Djerriwarrh Investments Limited
(ASX:DJW) has reported a 10 per cent drop in first half net profit down to $19.8 million.
Best and worst performers
The best performing sector was consumer staples adding 0.8 per cent to close at 9,186. The worst performing sector was materials, losing 1.6 per cent to close at 8,259 points.
The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas Limited
(ASX:LNG), rising 11.9 per cent to close at $2.35. Shares in Ainsworth Game Technology Limited
(ASX:AGI) and Senex Energy Limited
(ASX:SXY) also closed higher.
The worst performing stock was Sandfire Resources
(ASX:SFR), dropping 7.39 per cent to close at $3.76. Shares in Alumina Limited
(ASX:AWC) and Western Areas Limited
(ASX:WSA) also closed lower.
Commodities
Gold is trading at $US1,231 an ounce.
Light crude is $2.45 up at $US48.96 a barrel.
The Australian dollar is buying $US0.8208.
