Following negative leads the Australian share market opened 1 per cent lower this morning but has recovered some losses on the back of better than expected jobs data.
The S&P/ASX 200 indexis 36 points down at 4,481. On the futures market the SPI is 20 points lower at midday.
Economic newsThe Australian Bureau of Statistics (ABS) has reported that Australia’s unemployment rate remained steady at 5.4 per cent in October, with the total number of jobs in the country increasing by 10,700 in the period.
Company news National Australia Bank Limited
(ASX:NAB) chief Cameron Clyne is reportedly pulling together a group of senior executives to identify costs and efficiency savings of up to $1 billion. According to Fairfax reports Mr Clyne’s taskforce will have until the end of January next year to formulate a strategy, which would be unveiled to the market in March. Shares in NAB are trading down 0.52 per cent at $24.86.
Shares in Lynas Corporation Limited
(ASX:LYC) have been placed in a trading halt pending the outcome of a Malaysian High Court decision regarding an injunction against its production licence. Activists associated with the ‘Save Malaysia Stop Lynas’ group have sought a review of the temporary operating license granted to Lynas’ rare earths refinery on Malaysia’s east coast. Shares in Lynas Corporation last traded at $0.72.
Best and worst performers All sectors are trading lower today; the smallest losses have been in Utilities, dropping 17 points to 4,977. Shares in APA Group
(ASX:APA) have risen 0.96 per cent and trading at $5.27. Shares in DUET Group
(ASX:DUE) are higher while Energy World Corporation Limited
(ASX:EWC) is trading flat at midday.
The worst performing sector is Energy, falling 147 points to 12,369. Shares in Coalspur Mines Limited
(ASX:CPL) have fallen 6.32 per cent, trading at $0.82. Shares in Aquila Resources Limited
(ASX:AQA) and Whitehaven Coal Limited (Public, ASX:WHC) are also trading lower so far today.
Gold and the dollarGold is trading at $US1,719.81 an ounce and the Australian dollar is buying $US1.042.
