The Australian share market lost most of its gains this afternoon, closing up 0.2 per cent. Although materials were up, financials pulled the market back down.
The S&P/ASX200 Index is up by 10 points to close at 4,694. On the futures market, the SPI is up by 18 points.
In economic news, the ABS wage growth figures came out today, and showed a slow down for the first quarter. The wage price index, rose a seasonally adjusted 0.8 per cent in the first quarter from the previous quarter, but the annual pace of wage growth slowed to 3.8 per cent, from 3.9 per cent.
Turning to company news, Uranex, (ASX:UNX) the relatively small uranium miner, showed an impressive jump in stock price today after it announced a major discovery at its Tanzania project. The company has found high grade uranium intersections, from initial drilling of its 6000m, 60-hole aircore program in the south of the east African nation. By early afternoon, the company's stock had jumped 38.46 per cent higher for the company with a market cap of 75.48 million. Shares in Uranex NL (ASX:UNX) closed the day 30.77 per cent higher at $0.425.
And Minemakers Limited (ASX:MAK) was another company with an impressive share growth this afternoon, improving at one point by almost 18 per cent. Indian media reports speculate the phosphate hopeful is in talks with Indian giant National Mineral Development Corp about its Australian project, with suggestions it will acquire Minemakers' phosphate operation.
Shares in Minemakers rose 16.67 per cent today, to close at $0.49.
Also making news, beer company Foster's (ASX:FGL) will be giving about 50 brewery workers the sack, after the historic demerger of its wine business earlier this month. Staff were told of the imminent redundancy program at the Abbotsford site in Melbourne this morning. The company says the cut is part of a plan to improve its financial performance.
And the hot potential contenders for Fairfax Media’s (ASX:FXJ) radio arm have emerged, with Macquarie Radio, News Limited, and a scattering of private players expected to step into the bid. The media company will be selling the radio division to repay debt.
Meanwhile, BHP (ASX:BHP) has had its oil exploration plan for the Gulf of Mexico approved by US regulators. And Austar United Communications Limited (ASX:AUN) shares have surged this afternoon in light of takeover talks between its majority shareholder Liberty Global, and rival company Foxtel.
To the best and worst performing sectors now: The best performing sector was Consumer Staples, up by 62 points to close at 7,864. The worst performing sector was Industrials, which was down, by 11 point to close at 3,616. The best performing stock in the S&P/ASX200 was Austar, shares rising 6.12 per cent to close at $1.30. Shares in Sundance and Graincorp also closed in positive territory.
The worst performing stock was St Barbara, shedding 2.77 per cent to close at $1.75.5. Shares in McMahon and Paperlinx also closed weaker today. In commodities, gold is trading at $US1,492 an ounce and Light crude is up by 91 cents at $US97.82 a barrel.
