The Australian sharemarket closed flat this afternoon, despite the release of strong jobs data. Today the Australian dollar rose to a 29 year high against the dollar and gold stocks continued to make gains.
The S&P/ASX200 Index fell 5 points to close at 4,908. On the futures market, the SPI is down 4 points.
Economic news: The labor market is regaining momentum, with the unemployment rate falling by 10,000 to 4.9 per cent. It’s the lowest point since the global financial crisis.
Company news: Ten Network Holdings Ltd (ASX:TEN) posted a 15.6 per cent drop in first half net profit, prompting chief executive Lachlan Murdoch to describe the result as “not acceptable.” Mr Murdoch has said that change is underway to address the poor performance. Ten will relaunch its ONE HD sports channel in an effort to revitalise the company. ONE will broaden its focus to include drama, movies, documentaries and sport. News Ltd journalist Andrew Bolt will also host a new program on Sunday mornings. The results are being seen as a snapshot of the performance of the network since moving Neighbours and The Simpsons to its new digital channel and replacing them with news. Shares in Ten retreated 1.5 per cent to close at $1.315.
And Harvey Norman Holdings Ltd (ASX:HVN) has launched its own daily deal product website harveynormanbigbuys.com.au. The website gives consumers a new deal every day – but not in the electronics or furniture niche the company is associated with. It’s similar to the already established Catch of the Day website. The move is being seen as a back flip, last year Gerry Harvey lashed out at the government for allowing consumers to import mechandise costing less than $1000 bought online tax free. Shares in Harvey Norman fell 0.66 per cent to close at $3.00.
ConnectEast Group (ASX:CEU) says its EastLink toll road recorded its highest average daily traffic and revenue last month. Average daily revenue rose 11.1 per cent compared with a year earlier.
Meanwhile Qantas Airways Ltd (ASX:QAN) has evacuated its Melbourne terminal after a security scare. A man walked into a secure area through exit doors. The security breach caused plane delays and hundreds of passengers had to be rescreened.
Rio Tinto Ltd (ASX:RIO) has gained a 49.3 per cent interest in Riversdale Mining Ltd (ASX:RIV) and declared its takeover bid as unconditional.
And Macquarie Group Ltd (ASX:MQG) has announced that Michael Carapiet, the executive chairman of its securities group and investment bank unit Macquarie Capital, will retire in July after 22 years with the company.
To the best and worst performing sectors now: The best performing sector today was Energy gaining 131 points to close at 17,328. The worst performing sector was Utilities falling 29 points to close at 4,266.
The best performing stock in the S&P/ASX200 was Medusa Mining, shares rising 7.02 per cent to close at $7.93. Shares in Roc Oil Company and Mincor Resources also closed in positive territory.
The worst performing stock was Murchison Metals, shedding 5.11 per cent to close at $1.115 cents. Shares in Aurora Oil & Gas and SMS Management and Technology also closed weaker today.
In commodities, gold is trading at $US1,455 an ounce and Light crude is 24 cents weaker at $US108.59 a barrel.
