The Australian share market continued its slide south after midday today and closed 0.5 per cent down.
The ABS reported a plunge in the unemployment rate today and despite the surge in new jobs the banks weighed on the market as well as the miners which continue to be plagued by the weak iron ore price.
The jobs news did appear to have an impact on the Aussie dollar which briefly pushed back above US$0.92 today before retreating.
The S&P/ASX 200 index closed 28 points down to finish at 5,546.
The value of trades was $4.66 billion on volume of 697 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 Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 28 points down.
Company news
Telstra Corporation Limited
(ASX:TLS) has accelerated the launch of its 4G services on the 700MHz band.
Australia’s largest telecommunications provider hopes to expand 4G coverage to 90 per cent of the Australian population by the end of January next year. The company says the $1.3 billion investment was designed to ensure customers can access the best coverage, reliability and consistently fast speeds. Shares in Telstra closed 0.53 per cent down at $5.59.
Myer Holdings Limited’s
(ASX:MYR) net profit tumbled 23 per cent in the full 2014 financial year.
The department store retailer generated a net profit of $98.5 million, impacted by soft sales and higher labour and refurbishment costs. Total sales slipped 0.06 per cent to $3.1 billion while comparable store sales grew 1.2 per cent over the year. Shares in Myer closed 12.96 per cent down at $2.15.
Sigma Pharmaceuticals Limited
(ASX:SIP) has lifted its interim net profit and forecast growth, with net profit rising 37.5 per cent to $22.4 million in the six months to the end of July.
Australia’s competition regulator has decided not to take action to block TPG Telecom’s Limited
(ASX:TPM) fibre to the basement network rollout.
Affinity Education Group Limited
(ASX:AFJ) has entered into agreements to buy another 20 child care centres for about $19 million.
GPT Group
(ASX:GPT) has flagged the potential listing of a new ASX real estate investment trust called the GPT Metro Office Fund.
Best and worst performers
All major sectors are down today. The sector with the least losses was health care losing 0.03 per cent to close at 15,338. The worst performing sector was consumer discretionary, losing a little over 1 per cent to close at 1,811 points.
The best performing stock in the S&P/ASX 200 was Cabcharge Australia Limited
(ASX:CAB), rising 7.41 per cent to close at $5.80. Shares in Transfield Services Limited
(ASX:TSE) and Japara Healthcare Limited
(ASX:JHC) also closed higher.
The worst performing stock was Myer Holdings Limited
(ASX:MYR), dropping 12.96 per cent to close at $2.15. Shares in Resolute Mining Limited
(ASX:RSG) and Retail Food Group Limited
(ASX:RFG) also closed lower.
Commodities
Gold is trading at $US1,247 an ounce.
Light crude is $1.08 down at $US91.67 a barrel.
The Australian dollar is buying $US0.9173
