The Aussie sharemarket closed flat, bucking trends in the region, fuelled no doubt by a weak jobs report for December.
The S&P/ASX 200 Index lost 3 points to finish at 4,215. On the futures market, the SPI is five points lower.
Economic news
Australia’s jobless rate came in steady for December. The Bureau of Statistics says the unemployment rate was a downwardly-revised 5.2 per cent December, while 29,300 jobs were lost. Full-time workers increased 24,500 to 8.05 million, while part-time workers dropped 53,700 to 3.37 million.
Company news
Woodside Petroleum Limited
(ASX:WPL) has posted an 11 per cent fall of oil and gas production, but still maintains its 2012 targets of between 73 and 81 million barrels of oil equivalent. Sales also dropped 11 per cent, but full year revenue lifted 15 per cent to $4.65 billion. Shares in Woodside closed 1.85 per cent lower at $33.48.
Lynas Corporation Limited
(ASX:LYC) was the best performer on the ASX200 for most of the trading day upon investor speculation it will be granted the go-ahead on its lucrative Malaysian facility. Analysts have told media the approval could double Lynas’ share price. Lynas closed the day 8.49 per cent higher, at $1.15.
Santos Limited
(ASX:STO) has also maintained its production guidance for this year, despite reporting a drop in production for the full year. Full year revenue grew 14 per cent, sales fell four per cent, and December quarter natural gas, ethane and LNG production was 15 per cent lower.
Rio Tinto Limited (ASX:RIO, LON:RIO) has got the all-clear to take over Mongolia’s Oyu Tolgoi project, tipped to be one of the world’s largest copper-gold projects. Ivanhoe Mines has ditched its shareholder rights plan, which was aimed at blocking Rio from raising its stake in the Canadian firm.
News of job losses in the banking sector has hit headlines again today: Westpac Banking Corporation
(ASX:WBC) is reportedly scrapping 600 staff this year. Fairfax reports it says it’s looking for efficiencies around duplication in head office.
Australia New Zealand Banking Group
(ASX:ANZ) has also joined the club – it’s reportedly cut one sixth of its fraud prevention unit as part of 1,000 job cuts it’s announced to make over the next six months.
Best and worst performers
Materials was up 80 points to 11,440. The worst performing sector was telcos, down 19 points, closing at 1,126. The best performing stock in the S&P/ASX200 as I mentioned earlier was Lynas, followed by Intrepid and Kingsgate. The worst performing stock was Ramelius, down 3.16 per cent to 92 cents, followed by InvoCare and QBE.
IPOs
Sunbird Energy listed at 20 cents opened at 25 cents and closed at 24 cents.
Commodities
Gold is $US1,664.80 an ounce and Light crude is up 76 cents to US$101.35 a barrel.
