Following a negative lead from US markets spooked by softening jobs numbers the ASX plunged over one per cent in early trade. The market has since recovered to be 0.4 per cent down at noon.
Earnings season hits full swing this week however Asian markets will see little trade as Chinese New Year celebrations get underway.
And OzForex Group has plunged 40 per cent in morning trade following news its bid from Western Union has fallen over.
The S&P/ASX 200 index is 20 points down at 4,956. On the futures market the SPI is 22 points lower.
Economic news
ANZ job ads reported a one per cent rise in January. Close to 157,000 jobs were advertised each week which is around 11 per cent higher than the
Company news
Dominos Pizza Enterprizes Limited
(ASX:DMP) has responded to a price query from the ASX saying it doesn’t know why the share price has drifted from $60.60 per share to just $48.56 last week. Shares in Dominos are trading down 0.21 per cent at $52.24 today.
Eden Energy Limited
(ASX:EDE) say they have had a good response to their EdenCrete product at a conference in Las Vegas. Numerous companies from both the US and ten other countries have expressed a wish to trial the carbon strengthened concrete additive. A few have also expressed interest in being a distributor for the product. Shares in Eden Energy are trading 9.23 per cent higher at $0.07.
Best and worst performers The best performing sector is utilities, gaining 0.9 per cent to 7,113. Shares in AGL have risen 1.52 per cent and are trading at $18.75. Shares in APA Group and AusNet Services are also stronger.
The worst performing sector is energy, falling 1.7 per cent to 7,390. Shares in Liquified Natural Gas have fallen 5.97 per cent, trading at $0.63. Shares in Origin Energy and Karoon Gas are also lower.
Gold and the dollar
Gold is trading at $US1,168 an ounce.
The Australian dollar is buying 70.92 US cents.
