After a tumultuous day spent largely in the red, the ASX managed to briefly creep into positive territory before retreating, to close 0.05 per cent down. Turbulence came from the release of jobs figures by the ABS, reporting a shock increase in the unemployment rate which hit a 12 year high of 6.4 per cent in July. The dollar sunk below the $US0.93 on the news.
Rio Tinto have report a 21 per cent increase in underlying earnings in the first half of this year, compared to the same period last year, with underlying earnings in the 6 months to June hitting $5.1 billion.
The S&P/ASX 200 index closed 3 points down to finish at 5,509.
The value of trades was $4.75 billion on volume of 774 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 11 points down.
Economic news
The Australian Industry Group has reported an expansion in the Australian construction sector in July with performance of construction index rising to 52.6 points, above the 50 point threshold that represents expansion.
Company news
Tabcorp Holdings Limited
(ASX:TAH) has firmed its annual profit and is targeting higher dividends in the year ahead.
The gaming company improved its net profit by 3 per cent to almost $130 million in the full 2014 financial year. Tabcorp closed 3.19 per cent up at $3.56
Woolworths Limited
(ASX:WOW) is edging closer to its planned acquisition of Hudson Building Supplies after receiving the competition regulator’s green light.
The supermarket giant has proposed to buy Hudson through a joint venture with US based hardware chain Lowe's. Shares in Woolworths closed 0.03 per cent up at $36.23
FlexiGroup’s Limited
(ASX:FXL) net profit has fallen 13 per cent to $57.6 million in the 2014 financial year.
APA Group
(ASX:APA) is poised to cash in from selling its 33 per cent stake in Envestra Limited
(ASX:ENV).
AGL Energy Limited
(ASX:AGK) has scored state government approval to use fracking to identify coal seam gas at Gloucester in New South Wales.
Ardent Leisure Group
(ASX:AAD) has successfully completed an underwritten $50 million institutional placement.
Best and worst performers of the day
The best performing sector was materials adding 0.6 per cent to close at 10,337. The worst performing sector was health care, losing 0.4 per cent to close at 14,088 points.
The best performing stock in the S&P/ASX 200 was Beadell Resources Limited
(ASX:BDR), rising 8.6 per cent to close at $0.51. Shares in Ardent Leisure Group
(ASX:AAD) and Regis Resources Limited
(ASX:RRL) also closed higher.
The worst performing stock was Pacific Brands Limited
(ASX:PBG), dropping 4.35 per cent to close at $0.55. Shares in AWE Limited
(ASX:AWE) and Adelaide Brighton Limited
(ASX:ABC) also closed lower.
Commodities
Gold is trading at $US1,306 an ounce.
Light crude is $0.46 down at $US96.92 a barrel.
The Australian dollar is buying $US0.9268
