Soft leads saw the Australian share market open in positive territory before retreating into the red ahead of monthly jobs figures and extending losses after the release of weak figures.
The S&P/ASX 200 index has lost 21 points and is sitting at 4,076. On the futures market the SPI is currently 25 points lower.
Economic news
The Australian economy lost 27,000 jobs last month pushing the unemployment rate to 5.2 per cent, according to the Australian Bureau of Statistics. The job losses were underpinned by a fall in full-time employment while part-time employment increased. The unemployment rate edged 0.1 per cent up in June from 5.1 per cent the month before.
Company news
Rio Tinto Limited (ASX:RIO) has announced its long serving chief financial officer Guy Elliot will retire at the end of next year, but continue as CFO until a new successor is appointed. Rio Tinto has also today announced another three executive role changes with Doug Ritchie taking on the new role of group executive strategy, Harry Kenyon-Slaney stepping into the position of Energy chief executive and Alan Davies becoming the new Diamonds and Minerals chief executive. Shares in Rio Tinto have pulled back 1.38 per cent and are trading at $54.88.
Wealth advisory firm Clearview Wealth Limited (ASX:CVW) has received a $220 million takeover offer from Crescent Capital Partners Management. Clearview Wealth says it’s considering the private equity firm’s offer of 50 cents per share and has advised its shareholders to take no action at this stage. Investment holding company Guinness Peat Group PLC (ASX:GPG) is Clearview Wealth’s biggest shareholder with a 48 per cent stake. Shares in Clearview Wealth are trading 9.68 per cent higher at $0.51.
Best and worst performers
The best performing sector is Health Care gaining 76 points to 9,205. Shares in CSL Limited (ASX:CSL) have risen 1.45 per cent and trading at $39.06. Shares in ResMed Inc.(ASX:RMD) and Ramsay Health Care Limited (ASX:RHC) are also stronger.
The worst performing sector is Materials, falling 104 points to 9,200. Shares in Intrepid Mines Limited (ASX:IAU) have fallen 4.76 per cent, trading at $0.50. Shares in Lynas Corporation Limited (ASX:LYC) and PanAust Limited (ASX:PNA) are also lower.
Gold and the dollar
Gold is trading at $US1,573 an ounce.
The Australian dollar is buying $US1.025.
