Following weak leads, the Australian share market opened lower and is 0.49 per cent down at noon. Jobs data released today shows unemployment is steady for May.
The miners and the banks took losses today, while the Australian dollar peaked above $US0.94 this morning on the back of the New Zealand Reserve Bank’s decision to lift its interest rate for the third time in a row.
The S&P/ASX 200 index is 27 points down at 5,427. On the futures market the SPI is 30 points lower.
Looking at economic news: The Australian Bureau of Statistics has released jobs data for last month and in-line with analysts’ expectations the number of employed people has dipped slightly to leave the unemployment rate at 5.8 per cent, seasonally adjusted.
Company news
Blue Sky Alternative Investments Limited
(ASX:BLA) has raised $60.4 million in an IPO of shares in Blue Sky Alternatives Access Fund.
The investment fund manager says the fund will be listed on the ASX and its securities quoted on 16 June. The listing is subject to compliance with ASX conditions. Shares in Blue Sky are trading down 2.72 per cent at $2.50.
TNG Limited
(ASX:TNG) has signed an agreement with Korean company Woojin relating to sales and marketing of vanadium resources from the Mount Peake project.
The mineral explorer hopes to benefit from Woojin’s research and development capabilities, and to find synergies with their own processing technology.Shares in TNG have jumped 16.67 per cent on the news to $0.18
Best and worst performers The best performing sector is utilities gaining 14 points to 5,883. Shares in AGL Energy Limited
(ASX:AGK) have risen 0.79 per cent and trading at $15.23. Shares in DUET Group
(ASX:DUE) and Spark Infrastructure Group
(ASX:SKI) are also stronger.
The worst performing sector is materials, falling 67 points to 9,636. Shares in BC Iron Limited
(ASX:BCI) have fallen 4.56 per cent, trading at $3.35. Shares in Fortescue Metals Group Limited
(ASX:FMG) and Arrium Limited
(ASX:ARI) are also lower.
Gold and the dollar
Gold is trading at $US1,261 an ounce.
The Australian dollar is buying $US0.9381.
