Weak leads from Wall Street and Europe, amid the region’s lingering debt dramas, have pushed the Australian share market 0.4 per cent down. Despite Greece reaching a deal to form a new coalition government, most sectors are in the red. The financials are faring the worst, dragged down by heavyweights Westpac Banking Corporation (ASX:WBC) and Macquarie Group Limited (ASX:MQG) trading ex-dividend today.
The S&P/ASX200 index has lost 22 points and is 4,259. On the futures market the SPI is 24 points down.
Economic news
Jobs advertisements have declined for the fourth straight month. According to ANZ Banking Group (ASX:ANZ) total job ads growth was down 0.7 per cent in October, extending a fall of 2.1 per cent the month before. Year on year jobs ads were down by 0.6 per cent in October.
The Australian Performance of Construction Index has shown the level of construction picked up last month but still remained under 50, the level that indicates contraction. The Australian Industry Group and Housing Industry Association have shown the PCI rose 4.7 points to 34.7 points in October.
Company news
Shares in Computershare Limited (ASX:CPU) have jumped on news US regulators have granted the share registry approval to acquire Bank of New York Mellon's investor-services business. The $US550 million takeover is expected to be completed by the start of next year and will make Computershare the dominant share-registry service provider in the US. Shares in Computershare have jumped 13.7 per cent and are trading at $8.30.
Domino's Pizza Enterprises Limited (ASX:DMP) is gearing up for expansion, announcing plans to open up to 40 new stores in the next six months. Australia’s biggest pizza maker says the company’s recent performance and growth plans for the new year will see it create 2,500 new jobs across the country. In the first four months of the 2012 financial year Domino's recorded 10.3 per cent same store sales growth. Shares in Domino's Pizza Enterprises are trading steady at $7.12.
Best and worst performers
Most sectors are lower: The before performing sector is Consumer Staples, rising 12 points to 7,614. Shares in Goodman Fielder have added 1.87 per cent and trading at $0.545. Shares in Metcash and Woolworths are also higher. The worst performing sector is Financials Excluding Real Estate Investment Trusts, falling 48 points to 4,682. Shares in Westpac Banking Corporation have dropped 4.37 per cent and trading at $21.115, the stock is trading ex-dividend along with Macquarie Bank. Perpetual is also lower at noon.
New Zealand
The NZSX50 has lifted 8 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock rising 0.019 per cent to $2.635 followed by Westpac Banking, Telstra Corporation and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,760 an ounce and the Australian dollar is buying $US1.0385.
