See-sawing either side of the open the Australian share market is trading almost where is started the session after official jobs figures surprised. Shrugging off positive offshore leads and yesterday’s stellar finish investors now await Chinese inflation numbers due this afternoon.
The miners and energy stocks are gaining in anticipation but the banking sector is sagging – weighed down by National Australia Bank Limted
(ASX:NAB) despite posting a first half profit jump and ANZ Banking Group
(ASX:ANZ) trading ex-dividend.
The S&P/ASX 200 index has lost 1 point and is sitting at 5,199. On the futures market the SPI is 2 points higher.
Economic news
Australia’s official labour force data has surprised with the nation’s jobless rate has dropped against expectations in the same period the economy added more than 50,000 jobs. The Australian Bureau of Statistics has reported the unemployment rate fell 0.1 per cent to 5.5 per cent as total employment expanded to 11.663 million in April 2013. Analysts had forecast the jobless rate would remain steady at 5.6 per cent and the economy would add 11,000 jobs.
Company news Rio Tinto Limited’s
(ASX:RIO) new chief says the global miner’s focus on cutting costs and improving productivity will be relentless. Speaking at the global miner’s annual general meeting in Sydney CEO Sam Walsh has told shareholders to expect up to $US5 billion of savings in the next two years. Mr Walsh has also affirmed the company’s Pilbara expansion plans remain on track and its Oyu Tolgoi Project in Mongolia is expected to begin shipping within the current half of 2013. Shares in Rio Tinto have fallen 1.07 per cent and are trading at $58.27.
Stockland’s
(ASX:SGP) new boss has revealed a management team shuffle will occur at the property development company. Investment banker Simon Shakesheff will step into the head of strategy role in mid August. Chief financial officer Tim Foster and head of residential Mark Hunter will depart the company. CEO Mark Steinert says the moves have been made as part of refining Stockland’s strategy and in an effort to increase future returns, following a first half net loss of $147 million. Shares in Stockland have dropped 1.83 per cent and are trading at $3.75.
Best and worst performers The best performing sector is health care gaining 187 points to 12,957. Shares in CSL Limited
(ASX:CSL) have risen 2.11 per cent and trading at $60.87. Shares in Sonic Healthcare Limited
(ASX:SHL) and Sigma Pharmaceutical Limited
(ASX:SIP) are also stronger.
The worst performing sector is financials excluding real estate investment trusts, falling 29 points to 6,718. Shares in ANZ Banking Group
(ASX:ANZ) have lost 3.18 per cent, trading at $30.46 with the bank trading ex-dividend today. Shares in National Australia Bank Limted
(ASX:NAB) and AMP Limited
(ASX:AMP) are also lower.
Gold and the dollar
Gold is trading at $US1,471 an ounce.
The Australian dollar is buying $US1.023.
