The Australian share market retreated from its morning high and ended the session lower, with energy stocks buffering modest falls in financials.
The S&P/ASX200 Index is down 6 points to close at 4,689. On the futures market, the SPI is down 18 points.
Economic news: The ANZ Job Advertisements report shows that the number of job ads in newspapers and on the internet rose for a seventh consecutive month in November. Total job ads lifted by 2.9 per cent during the month, the biggest monthly increase since February. The total increase in job ads for the year to November is 33.2 per cent.
Company news: Fairfax Media Group Ltd’s (ASX:FXJ) chief executive Brian McCarthy has shocked the media world by resigning from the company, effective immediately. Greg Hywood, who joined the Fairfax board earlier this year, will stand in as acting chief executive while a global search for a new CEO is conducted. Fairfax chairman Roger Corbett said Mr McCarthy’s resignation came about because he did not believe he could make a commitment for the next three to five years. Shares in Fairfax closed 2.08 per cent lower to $1.40.
Harvey Norman Ltd (ASX:HVN) plans to follow in the footsteps of Myer Group Ltd (ASX:MYR) and launch a website to ship goods directly from China to consumers in Australia. The move comes barely days after Myer revealed it would launch a similar website. Harvey Norman’s chief executive Gerry Harvey told a trade publication today that his company’s website will most likely be in place before Myer’s and that although it may not generate a lot of revenue, it would be making the company some money. Shares in Harvey Norman closed 0.33 per cent higher to $3.03.
Almost three weeks after National Australia Bank’s (ASX:NAB) computer debacle, the bank is still scrambling to repair retail and commercial accounts as some transactions are still yet to be registered to accounts.
A report from Access Economics has revealed that the proposed $8.4 billion merger of Australian Securities Exchange Ltd (ASX:ASX) with Singapore Exchange (SGX) complies with Australia’s national interests as it would improve the country’s chances of becoming a financial services hub in Asia.
Rio Tinto Ltd (ASX:RIO) says it has entered into a joint venture with Chinalco for mineral deposits exploration in China which is expected to commence in the first half of 2011.
Troubled pharmaceuticals giant Sigma Pharmaceuticals Ltd (ASX:SIP) warns it expects wholesale revenue to fall by 10 to 15 per cent from February 2011 as the company lost the rights for wholesale distribution of prescription products from Pfizer Australia.
Best and worst performers: The best performing sector at close was Healthcare, with the index rising 94 points to 8,831. The worst performing sector was Real Estate Investment Trust with the index dropping 5 points to 845. The best performing stock in the S&P/ ASX200 was Riversdale Mining as shares lifted 15.67 per cent to close at $16.31. Shares in Sundance Resources and Infigen Energy and also closed higher. The worst performing stock was Sigma Pharmaceuticals as shares fell 17.35 per cent to close at $0.405. Shares in Lynas Corporation and Platinum Australia also eased today.
In commodities, gold is trading at $US1,413 US an ounce. Light crude is up $0.19 cents at $US89.38 a barrel.
