The local share market has closed slightly in the red, investors spooked by news of a spike in China’s inflation rate and softer employment data for February.
The S&P/ASX 200 Index finished 6 points lower at 4,814, while on the futures market, the SPI200 is flat.
In economic news: The latest ABS jobs data shows the number of people employed rose by a surprisingly modest 400 in February, easing the pressure for another interest rate hike next month. The unemployment rate ticked higher to 5.3% - the number of people in full-time positions rising by 11,400 but those in part-time work losing 11,000 jobs. Among the states, the jobless rate fell in NSW, but jumped in South Australia and Tasmania.
To company news around this afternoon: Cape Lambert Resources Ltd (ASX:CFE) has sold its Lady Annie copper mine in Queensland to an undisclosed Asian buyer. The company has told Dow Jones Newswires that the sale has generated about $35 million more than it would have raised to publicly float the mine. Executive Chairman Tony Sage says the sale highlights the ongoing strength of interest from Asian buyers in Australian mining assets. Mr Sage has refused to name the buyer, but says it is a publicly listed company in a jurisdiction controlled by China. He says the buyer was able to pay upfront for the mine as it had a billion dollars in cash. Cape Lambert Resources pulled its planned float of the mine in February, citing adverse market conditions. Shares in Cape Lambert Resources are still in a trading halt regarding the announcement. They last traded at $0.445.
Oil and gas explorer Cooper Energy Ltd (ASX:COE) says flooding in the Cooper Basin is likely to impact its operations in South Australia. The company says over 80% of its production is delivered to market by a flow-line, but the other 20% will suffer as a result of roads being cut off and oil fields being isolated. It says deferment of its non-flowline production may have a 10 to 15% impact on revenue for the current reporting period. Managing Director Michael Scott says seismic operations have been slowed due to access problems, which could delay delivery of prospect maps, in turn delaying the company’s proposed drilling programs. Mr Scott says he expects all drilling schedules to be reallocated as drilling rigs cannot be moved or accessed due to the road conditions. Shares in Cooper Energy closed 2.94% lower at $0.495.
Also making news: Seven Network Ltd (ASX:SEV) has appointed one of its current executives, Warwick Lynch, as CFO of its media assets branch, Seven Media Group.
Centro Retail Group Ltd (ASX:CER) has appointed Robert Tsenin to replace Glenn Rufrano as CEO of its shopping centre arm, Centro Retail Trust.
Myer Holdings Ltd (ASX:MYR) has topped market forecasts by reporting a 38% hike in first half underlying profit, but has warned of weak second half sales.
And Leighton Holdings Ltd (ASX:LEI) has won a $463 million contract to construct a section of a high speed rail link between Hong Kong and mainland China.
In the best and worst performers: The best performing sector at close was the Telco Services index, up 24 points at 1,051. The worst performing sector was the Industrials index; falling 24 points at 3,962.
The best performing stock in the S&P/ ASX200 was Energy World Corp, shares gaining 8.33% to $0.325. Shares in Atlas Iron and Infigen Energy also closed higher today.
The worst performing stock was Panoramic Resources, shares plunged 5.62% to $2.35. Cudeco and Transpacific shares also closed lower today.
In commodities, gold is trading at $1,108.65 U.S an ounce, and light crude is down 46 cents at $81.63 U.S a barrel.
