Australian shares have ended the day lower, finishing 0.7 percent down amid concern surrounding the US fiscal cliff. However the market has reduced some losses as the ABS reported a steadier than expected unemployment rate.
The S&P/ASX 200 index closed 33 points down to finish at 4,484. On the futures market, the SPI is currently 19 points lower.
Economic news
The Australian Bureau of Statistics (ABS) has reported that Australia’s unemployment rate remained steady at 5.4 per cent in October, with the economy adding 10,700 new jobs.
Company news
Resolute Mining Limited (ASX:RSG) has had its $85 million financing offer accepted by Noble Mineral Resources (ASX:NMG), with the funds to assist Noble’s ramp-up of its Bibiani gold project in Ghana. The agreement will see Resolute acquire a 20 per cent interest in Noble’s issued share capital. Shares in Resolute Mining closed 1.31 per cent higher at $1.94.
Qantas Airways Limited (ASX:QAN) is reportedly preparing to cut up to 500 engineering jobs in Sydney and Victoria as the airline seeks to consolidate its two heavy maintenance bases into one. According to reports, the aircraft engineers union has admonished the alleged cuts as another step towards turning Australia’s national carrier into an unsafe airline. Shares in Qantas Airways closed 1.54 per cent down at $1.28.
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.
Goodman Group (ASX:GMG) has launched a $400 million equity raising to fund long term growth opportunities.
Shares in Lynas Corporation Limited (ASX:LYC) emerged from a trading halt and rose by 11.81 per cent by close, ahead of a Malaysian High Court decision regarding an injunction against its production licence.
Transfield Services Limited (ASX:TSE) has been awarded a $200 million maintenance contract for works on QGC’s Curtis Liquefied Natural Gas Project.
Best and worst performers
All sectors finished lower today, the best performer among them was Consumer Staples, dropping 12 points to close at 8,528.The worst performing sector was Energy, losing 130 points to close at 12,386.
The best performing stock in the S&PASX 200 was Lynas Corporation Limited (ASX:LYC), rising 11.81 per cent as we saw earlier, it closed at $0.81. Shares in Linc Energy Limited (ASX:LNC) and Troy Resources Limited (ASX:TRY) also finished the day higher.
The worst performing stock was Cabcharge Australia Limited (ASX:CAB), dropping 7.83 per cent to close at $4.71. Shares in Coalspur Mines Limited (ASX:CPL) and APN News and Media Limited (ASX:APN) were also lower at market close.
Commodities
Gold is trading at $US1,717 an ounce. Light crude is $0.55 up at $US84.99 a barrel. The Australian dollar is buying $US1.041.
