The Australian share market continued to slide lower after midday today and closed 0.21 per cent down.
A steady read on unemployment from the ABS came in weaker than analysts had expected and the market has responded with pessimism.
The banks all took losses today, with Westpac the weakest, while the miners also weighed on the market.
The S&P/ASX 200 index closed 12 points down to finish at 5,506.
The value of trades was $4.82 billion on volume of 760 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 9 points down.
Company news
News Corp
(ASX:NWS) has made some strong gains on news of a solid first quarter result with earnings up 21 per cent.
The media company says revenues pushed to $2.15 billion in the three months to the end of September which represents a gain of 4 per cent over the period. Shares in New Corp closed 6.6 per cent up at $18.08.
Shares in Ten Network Holdings Limited
(ASX:TEN) has pushed to one of the day’s best performers on the announcement it has appointed Citi to assist in assessing a range of potential strategic options for the company.
The commercial TV operator says the announcement came in response to speculation about a potential buyout of the company. Shares in Ten Network closed 6.98 per cent up at $0.23.
Xero Limited
(ASX:XRO) has acquired online payroll company Monchilla Inc.
UGL Limited
(ASX:UGL) has finalised the sale of global property services business DTZ for $1.215 billion.
Qantas Airways Limited
(ASX:QAN) has reported a drop in its level of foreign ownership with the rate down to 42.8 per cent.
Fairfax Media Limited
(ASX:FXJ) has reported a slip in group revenue in the year to date with a tough advertising market underlying the result.
Best and worst performers
The best performing sector was telco services adding 0.7 per cent to close at 1,991. The worst performing sector was real estate investment trusts, losing 0.7 per cent to close at 1,158 points.
The best performing stock in the S&P/ASX 200 was Super Retail Group Limited
(ASX:SUL), rising 12.06 per cent to close at $7.90. Shares in Ten Network Holdings Limited
(ASX:TEN) and Beadell Resources Limited
(ASX:BDR) also closed higher.
The worst performing stock was Atlas Iron Limited
(ASX:AGO), dropping 16.67 per cent to close at $0.23. Shares in UGL Limited
(ASX:UGL) and Lynas Corporation Limited
(ASX:LYC) also closed lower.
Commodities
Gold is trading at $US1,146 an ounce.
Light crude is $1.49 up at $US78.68 a barrel.
The Australian dollar is buying $US0.8611
