The Australian share market sank 1.2 per cent today, ending at the session low. Despite a positive lead from Wall Street local stocks dropped at open with the miners weighing throughout the session. Better than expected domestic jobs data punctured hopes for future rate cuts but has pushed the Australian dollar and bond yields higher.
Figures
The S&P/ASX 200 index retreated 60 points to close at 5,032.
The value of trades was $5.1 billion on volume of 949 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 66 points lower.
Economic news
Australia’s latest job figures have surprised and defused hopes for a rate cut next month. As employment jumped by the most in more than a decade the unemployment rate stayed steady last month. The Australian Bureau of Statistics reports Australia's economy added 71,500 jobs in February and the jobless rate was unchanged at 5.4 per cent from the month before, defying expectations for it to rise.
Company news Myer Holdings Limited
(ASX:MYR) has revealed a surprise improvement in its interim profit. The department store retailer’s first half profit grew 0.7 per cent to almost $88 million on the back of a 1.7 per cent rise in sales. While the result has been received well Myer has declined to provide guidance and maintained a cautious outlook for the trading environment. Shares in Myer Holdings gained 5.86 per cent today, ending at $3.07.
Aurizon Holdings Limited
(ASX:AZJ), formally known as QR National, has secured a new long term coal haulage contract in Queensland with global mining company Xstrata. While the contract is performance based the freight rail operator says it will spend up to $215 million on rolling stock to support the new work which is expected to run to 2025. Shares in Aurizon Holdings rose 0.76 per cent today, ending at $4.00.
Share registry Computershare Limited
(ASX:CPU) has divested its stake in Canadaian software provider Solium Capital Inc for $27.6 million.
While Sigma Pharmaceutical Limited’s
(ASX:SIP) annual net profit sank 60 per cent after settling a shareholder class action the chemist chain owner has posted a rise in annual underlying profit and revenues.
Property developer Watpac Limited
(ASX:WTP) has scored a $200 million deal to build a 34-storey office tower including commercial and retail space in the centre of Brisbane.
Property investor Sunland Group Limited
(ASX:SDG) has refuted media reports claiming its executives have been summoned to give evidence in a bribery case in Dubai and claims the company is not a party to the case.
Best and worst performers
All sectors sank into the red by close: The sector with the smallest losses was health care dipping 10 points to close at 12,562.
The worst performing sector was materials, losing 228 points to close at 10,150 points.
The best performing stock in the S&PASX 200 was Pacific Brands Limited
(ASX:PBG), rising 6.02 per cent to close at $0.88. Shares in Myer Holdings Limited
(ASX:MYR) and Sigma Pharmaceutical Limited
(ASX:SIP) also closed higher.
The worst performing stock was Energy World Corporation Limited
(ASX:EWC), dropping 9.33 per cent to close at $0.34. Shares in Troy Resources Limited
(ASX:TRY) and Bathurst Resources Limited
(ASX:BTU) also closed lower.
Commodities
Gold is trading at $US1,586 an ounce.
Light crude is $0.28 down at $US92.24 a barrel.
The Australian dollar
The Australian dollar is buying $US1.036.
