Following weak offshore leads, the Australian share market opened lower and is 0.76per cent lower at noon.
The S&P/ASX 200 index is 37 points lower at 5,044. On the futures market the SPI is 35 points lower.
Economic news
The ABS reported the unemployment rate for November fell to 5.8 per cent seasonally adjusted from 5.9% in October due to an increase of 71,400 new jobs with the participation rate rising to 65.3%.This improvement follows a drop in the unemployment rate in October.
Company News
Mobile Embrace Limited
(ASX:MBE) has inked a deal with Asian telecommunications group Axiata to provide direct carrier billing for its 260 million subscribers. The agreement extends Mobile Embrace’s global carrier billing reach with five potential new territories and cements the company’s position in Asia, according to CEO and Co-founder Chris Thorpe. Shares in Mobile Embrace are trading up 3.95 per cent at $0.40.
SomnoMed Limited
(ASX:SOM) has been awarded Obstructive Sleep Apnea Company of the Year Award by Frost & Sullivan. The award is part of Frost & Sullivan’s “Australia Excellence Awards” presented each year to leading businesses predicted to encourage significant growth in their industries. Shares in SomnoMed are trading down 0.79 per cent at $2.50.
Best and worst performers The best performing sector is Materials, gaining 1 per cent to 6,743. Shares in Arrium
(ASX:ARI) have risen 8.06 per cent and trading at $0.07 Shares in Alumina
(ASX:AWC) and OzMinerals
(ASX:OZL) are also stronger.
The worst performing sector is Financials excluding RIETs, falling 1.6 per cent to 6,814. Shares in FlexiGroup
(ASX:FXL) have fallen 2.26 per cent, trading at $2.81. Shares in Insurance Australia Group
(ASX:IAG) and National Australia Bank
(ASX:NAB) are also lower.
IPO's Real Estate Investar Group Limited
(ASX:REV) started trading today. The real estate services company floated with an issue price of $0.20, opened at $0.21 and is currently trading at $0.20.
Temple & Webster Group
(ASX:TPW) started trading today. with an issue price of $1.10, opened at $0.97 and is currently trading at $0.97.
Gold and the dollar
Gold is trading at $US1,074 an ounce.
The Australian dollar is buying $US0.7325
