Following mixed finishes in US and European markets the Australian share market opened flat and remains flat at noon, weighed down by losses in the energy sector. Freshly released flat jobs data hasn’t had any major bearing on investor sentiment.
The S&P/ASX 200 index is 2 points down at 4,919. On the futures market the SPI is 4 points lower.
Economic news
The Australian Bureau of Statistics says unemployment remained steady in January, remaining at 5.4 per cent, beneath the expected rise of 5.5 per cent. The total number of jobs in Australia increased by 10,400 in the month.
The Australian Industry Group and Housing Industry Associations performance of construction index (PCI) dropped 2.6 points to 36.2 in January amid ongoing weakness in residential construction. The construction sector has now contracted for 32 consecutive months.
Company news
Tabcorp Holdings Limited
(ASX:TAH) half year net profit has slumped 61.5 per cent to $72.9 million compared to the corresponding period last year. The result was hit by structural transition in the Victorian gambling industry which impacted on the company’s revenue. First half revenue fell 26 per cent to $1.16 billion. Shares in Tabcorp are trading up 0.32 per cent at $3.09.
Whitehaven Coal Limited
(ASX:WHC) shares have fallen in early trade following the federal government’s decision to delay granting final environmental approval to the miner’s Maules Creek project in New South Wales. Whitehaven says Environment Minister Tony Burke has advised the decision, which had been expected imminently, has been pushed back three months. Shares in Whitehaven Coal are trading down 3.76 per cent at $3.07, the worst performing stock at this stage of the trading day.
Best and worst performers The best performing sector is Telco Services gaining 14 points to 1,583. Shares in Singapore Telecommunications Limited
(ASX:SGT) have risen 1.11 per cent and trading at $2.74. Shares in Telstra Corporation Limited
(ASX:TLS) are higher while TPG Telecom Limited
(ASX:TPM) shares are trading steady at midday.
The worst performing sector is Energy, falling 127 points to 12,899. Shares in Whitehaven Coal Limited
(ASX:WHC) have fallen 3.76 per cent, trading at $3.07. Shares in Origin Energy Limited
(ASX:ORG) and Senex Energy Limited
(ASX:SXY)are also lower.
Gold and the dollar
Gold is trading at $US1,678 an ounce and the Australian dollar is buying $US1.032.
