Following mixed offshore leads the Australian share market dipped at the open and is 0.3 per cent down at noon. Weaker than expected jobs data has pushed the Australian dollar down with investors remaining cautious ahead of tonight’s EU summit.
The S&P/ASX 200 index has lost 11 points and is 4,281. On the futures market the SPI is 24 points lower.
Economic news
The latest figures on Australian jobs shown the jobless rate rose more than expected last month. According to the Australian Bureau of Statistics the unemployment rate increased to 5.3 per cent in November from 5.2 per cent the month before. Total jobs in Australia dropped 6,300 in November from October, defying expectations for a monthly increase of 10,000 jobs.
Company news
Shares in Intrepid Mines Limited (ASX:IAU) have jumped to one of the top 200s best performers after announcing an expanded resource at its Tujuh Bukit copper and gold project in Indonesia. The miner says drilling has revealed a 70 per cent increase in the inferred resource of the Tumpangpitu area. CEO Brad Gordon says Intrepid has not yet reached the limit of the resource let alone the project, which he believes ranks among the world’s major underdeveloped copper-gold projects. Shares in Intrepid Mines have jumped 5.86 per cent and area trading at $1.355.
Speculation is rising that Aston Resources Limited (ASX:AZT) and fellow coal company Whitehaven Coal Limited (ASX:WHC) are closing in on a potential merger worth up to $5 billion. Following confirmation earlier this week both New South Wales-based miners are in talks shares in both companies have continued to add value. Separately, Aston says it’s made progress in securing the necessary export capacity to support the ramp up, of its 85 per cent owned Maules Creek Project in New South Wales. Shares in Aston Resources have firmed 0.4 per cent and are trading at $10.00.
Best and worst performers
Most sectors are lower at noon: The best performing sector is: Telco Services lifting 14 points to 1,124. Shares in My Net Fone have risen 3.03 per cent and trading at $0.17. Shares in Telecom Corporation of New Zealand and Telstra are also higher.
The worst performing sector is Energy, losing 225 points to 13,663. Shares in Bounty Oil & Gas have retreated 5.26 per cent and trading at $0.018. Shares in Santos and Linc Energy are also weaker.
New Zealand
The NZSX50 is 20 points lower: Taking a look at the top four stocks by turnover, Chorus is at the top of the list with stock easing 0.33 per cent to $3.02 followed by Telecom Corporation of New Zealand, Fletcher Building and ANZ.
Gold and the dollar
Gold is trading at $US1,739 an ounce.
The Australian dollar is buying $US1.0256.
