Following mixed leads, the Australian share market opened higher and is 0.59 per cent up at noon.
While ABS job numbers have shown the unemployment rate unchanged from last month a range of Australian companies have announced job cuts including Qantas, Aurizon and Arrium.
The S&P/ASX 200 index is 29 points up at 5,465. On the futures market the SPI is 28 points higher.
Economic news
The unemployment rate has stayed steady at 5.8 per cent this month with ABS labour force figures showing employment growth of 14,200 for the month.
ABS short-term visitor arrivals have risen by half a per cent this month.
Company news
Aurizon Holdings Limited
(ASX:AZJ) could cut as many as 480 jobs in its heavy maintenance operations in Queensland.
The rail operator’s restructure aims to centralise heavy maintenance and some staff will be redeployed and retrained. Shares in Aurizon are trading up 0.51 per cent at $4.91
Target Energy Limited
(ASX:TEX) will sell a 10 per cent share in its Fairway project in West Texas for about $6.5 million.
The oil and gas producer will remain the largest interest holder in the project despite the sale to Texas based Victory Energy. Shares in Target Energy are trading up 16.28 per cent at $0.05
Best and worst performers The best performing sector is utilities gaining 76 points to 5,866. Shares in APA Group
(ASX:APA) have risen 2.36 per cent and trading at $6.94. Shares in AGL Energy Limited
(ASX:AGK) and DUET Group
(ASX:DUE) are also stronger.
The worst performing sector is consumer discretionary, falling 2 points to 1,822. Shares in G8 Education Limited
(ASX:GEM) have fallen 5.17 per cent, trading at $4.22. Shares in Kathmandu Holdings Limited
(ASX:KMD) and Sky Network Television Limited
(ASX:SKT) are also lower.
Gold and the dollar
Gold is trading at $US1,289 an ounce.
The Australian dollar is buying $US0.9348
