A six day losing streak has come to an end, with Australian shares rising 0.3 per cent, despite disappointing jobs data.
The S&P/ASX200 Index closed 13 points higher at 4,550. On the futures market, the SPI is up 12 points.
Economic news
Employment rose by only 7,800 in May, well below expectations of a 25,000 gain. Full-time employment dropped 22,000, overshadowing a steady unemployment rate of 4.9 per cent.
Company news
Australian Agricultural Company Ltd (ASX:AAC) has downgraded its full-year earnings forecast by up to 23 percent. It follows the federal government’s ban on live cattle exports to Indonesia. The chief executive said earnings for 2011 were now expected to be in the range of $50-$60 million, compared with a previous estimate of $60-$65 million. The company’s shares had been suspended for 24 hours. Shares in Australian Agricultural Company dropped 1.75 per cent today, closing at $1.40.
3,500 union workers planning industrial action at six coalmines operated by BHP Billiton Ltd (ASX:BHP) say they are not planning wider strike action. The workers intend on holding negotiations with the owners of the mines later this month. The strikes are scheduled for Monday and Tuesday. The reason for the strike – different pay levels for unions workers and non-union contractors, according to the union. Shares in BHP rose 0.37 per cent today, closing at $42.95.
Territory Resources Ltd (ASX:TTY) shares soared after Noble Group made a $132 million bid for the iron ore miner. The bid trumped the offer from South African miner Exxaro.
Mermaid Marine Australia Ltd (ASX:MRM) has won two contracts providing offshore marine services to Woodside Petroleum Ltd (ASX:WPL). The contracts, worth $60 million are for three years, with a further one year option.
Australia and New Zealand Banking Group (ASX:ANZ) will be replacing about 50,000 security tokens after a data breach. The bank has said there is no threat to customers and the tokens will be replaced without cost to the consumer.
And Qantas Airways Ltd (ASX:QAN) has been granted interim regulatory approval for a joint business agreement with American Airlines.
Sectors
In the best and worst performers: The best performing sector was Consumer Discretionary, adding 9 points to close at 1,353. The worst performing sector was Telco Services, losing 13 points to close at 1,034.
Stocks The best performing stock in the S&P/ASX200 was Sigma Pharmaceuticals. Shares rose 8.33 per cent to close at $0.455. Shares in Invocare Ltd and Linc Energy Ltd also closed higher today.
The worst performing stock was Hastie Group Ltd falling 17.95 per cent to close at $0.16. Shares in Paladin Energy Ltd and Downer EDI Ltd also closed lower today.
Commodities
In commodities, gold is trading at $US1,535 an ounce and Light crude is up $0.65 at $US101.39 a barrel.
