Midday: ASX posts soft start to week

Market Reports

After a soft lead from Wall Street, despite a better than expected US jobs report, the Australian share market has posted a soft start to the week and the Australian dollar has dipped to a three month low.  
 
The S&P/ASX 200 index has slipped 4 points to 4,490. On the futures market the SPI is 1 point higher. 
 
Economic news

Job advertisements have fallen for the sixth straight month, with both newspaper and internet ads declining. According to ANZ Banking Group’s (ASX:ANZ) job advertisements survey jobs ads were down 2.8 per cent in September from the month before and 10.8 per cent down from the year before. 
 
Company news

Arrium Limited’s (ASX:ARI) chief has forecast a rebound in iron ore prices one week after the mining company rejected a takeover offer for 75 cents per share. According to Fairfax Media CEO Geoff Plummer believes the bid was strategically timed to coincide with low iron ore prices. Arrium reportedly plans to cushion itself against softening prices and company debt through doubling production at its South Australian iron ore mines. Shares in Arrium have risen 1.88 per cent and are trading at $0.82. 

Tassal Group Limited (ASX:TGR) has welcomed a Federal decision paving the path for a milti-million dollar expansion of the salmon industry in Macquarie Harbour on the west coast of Tasmania. The salmon producer says plans to expand on the west coast are part of its strategy of developing its business through sustainable practises. Shares in Tassal Group have slipped 0.74 per cent and are trading at $1.34. 
  
Best and worst performers

The best performing sector is industrials gaining 29 points to 3,388. Shares in QR National (ASX:QRN) have risen 4.9 per cent and trading at $3.64. Shares in Virgin Australia Holdings Limited (ASX:VAH) and CSR Limited (ASX:CSR) are also stronger. 
 
The worst performing sector is energy, falling 91 points to 12,536. Shares in Oil Search Limited (ASX)‎ have fallen 1.9 per cent, trading at $7.50. Shares in Paladin Energy Limited (ASX)‎ and Linc Energy Limited (ASX)‎ are also lower. 
 
Gold and the dollar

Gold is trading at $US1,781 an ounce.
The Australian dollar is buying $US1.017.

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