Market Wrap: ASX down on gold slump, job ads

Market Reports

The Australian share market closed 0.7 per cent down after being dragged by declining job advertisement figures and yet another slump in the gold price, which saw the materials sector take a battering. Gold miners finished 1,2 and 3 in the days worst performing stocks.
 
The S&P/ASX 200 index closed 32 points down to finish at 4,810. The value of trades was $3.1 billion on volume of 588 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 ANZ Banking Group (ASX:ANZ)
 
On the futures market the SPI is 16 points down.
 
Economic news

The ANZ job ads series posted its fourth consecutive monthly decline in June, declining 1.8 per cent, slightly better than a 2.5 per cent drop in May. Job advertisements are sitting 19 per cent below their levels from a year ago.
 
Company news 
 
Virgin Australia Holdings Limited (ASX:VAH) has completed its 60 per cent acquisition of Tigerair Australia, which it says will enable it to re-enter the budget travel market segment. Virgin CEO John Borghetti is to be appointed chairman of Tigerair Australia, while former Tiger CFO Wendy Cheah will assume the same role in the newly merged airline and former ABC and ASX Chairman Maurice Newman will be appointed to the board. Shares in Virgin Australia closed 2.3 per cent up at $0.45. 
 
Whitehaven Coal Limited (ASX:WHC) workers have walked off the job at the Maules Creek mine in NSW, opposing plans they believe will destroy local heritage sites. Over 50 Gomeroi traditional owners picketed the mine this morning, protesting the freshly approved project and the fact it will clear more than 4 thousand acres of  culturally significant forest, artefacts and cultural values. Shares in Whitehaven closed 2.61 per cent down at $2.24. 
 
Home loan provider RHG Limited (ASX:RHG) shares rose 15 per cent after its board unanimously recommended a takeover bid from a syndicate including Resimac and Australian Mortgage Acquisition Company. 
 
Rio Tinto Limited (ASX:RIO) shares slipped 2.01 per cent despite news the global miner has the all clear from Mongolia to begin shipments from its Oyu Tolgoi copper mine.
 
Atlas Iron Limited (ASX:AGO) shares dropped 5.64 per cent as the miner revealed it will partner with Altura Mining Limited (ASX:AJM) in a $146 million joint venture at Mt Webber in Western Australia's Pilbara region.
 
Network service provider and NBN contractor Service Stream Limited (ASX:SSM) extended a trading halt until August 15 as it looks for more time to resolve its NBN Syntheo joint venture with Lend Lease Group (ASX:LLC)
 
Best and worst performers

The best performing sector was Energy adding 86 points to close at 13,035.
The worst performing sector was Materials, losing 190 points to close at 8,479. 
 
The best performing stock in the S&PASX 200 was Discovery Metals Limited (ASX:DML), rising 10.71 per cent to close at $0.15. Shares in Billabong International Limited (ASX:BBG) and Karoon Gas Australia Limited (ASX:KAR) also closed higher.
 
The worst performing stock was Beadell Resources Limited (ASX:BDR), dropping 12.93 per cent to close at $0.51. Shares in Resolute Mining Limited (ASX:RSG) and Perseus Mining Limited (ASX:PRU) also closed lower. 
 
Commodities

Gold is trading at $US1,221 an ounce. Light crude is $0.14 up at $US103.36 a barrel.

The Australian dollar

The Australian dollar is buying $US0.9063. 

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