The Australian share market declined throughout the day to end at the session’s lows, 0.7 per cent down. Losses accelerated after disappointing local jobs data earlier in the session and ahead of tomorrow’s release of second quarter Chinese growth figures.
The S&P/ASX 200 index lost 29 points to finish at 4,068. On the futures market, the SPI is now 26 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 (ABS) 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
As the ABS released confirmation of last month’s job losses Myer Holdings Limited (ASX:MYR) announced 100 job cuts today. The struggling department store’s CEO Bernie Brookes says the roles have been made redundant following a major review. Myer has forecast its full year net profit will drop by as much as 15 per cent this year. Shares in Myer Holdings slipped 0.9 per cent today to close at $1.66.
Perpetual Limited (ASX:PPT) has confirmed it will sell its mortgage management business as it steers more of its focus to wealth management. Perpetual has not disclosed the terms of the sale but says it is not expected to be material to its net profit. Shares in Perpetual fell 2.15 per cent today to close at $22.30.
Shares in wealth advisory firm Clearview Wealth Limited (ASX:CVW) soared after receiving a $220 million takeover offer from private equity firm Crescent Capital Partners Management.
Shares in Iluka Resources Limited (ASX:ILU) continued this week’s falls after cutting its sales forecast on Monday, despite the mineral sands producer today positing a 16 per cent rise in revenue in the first half of the year.
Shares in Transurban Group (ASX:TCL) closed the top 200's best performer after the toll roads operator reported a 6 per cent rise in its full year toll revenue on the back of growth from its Melbourne CityLink toll road.
Shares in Rio Tinto Limited (ASX:RIO) dipped after announcing a number of executive role changes and the retirement of its long serving chief financial officer Guy Elliot at the end of next year.
Best and worst performers
The best performing sector was Health Care adding 104 points to close at 9,233.
The worst performing sector was Materials, losing 226 points to close at 9,078 points.
The best performing stock in the S&PASX 200 was Transurban Group (ASX:TCL), rising 2.64 per cent to close at $5.83. Shares in Telecom Corporation of New Zealand (ASX:TEL) and JB Hi-Fi Limited (ASX:JBH) also closed higher.
The worst performing stock was Integra Mining Limited (ASX:IGR), dropping14.93 per cent to close at $0.29. Shares in and Intrepid Mines Limited (ASX:IAU) and Coalspur Mines Limited (ASX:CPL) also closed lower.
Commodities
Gold is trading at $US1,569 an ounce.
Light crude is $0.14 down at $US85.67 a barrel.
The Australian dollar
The Australian dollar is buying $US1.017.
