CAPITAL MARKETS

Seesaw week for bourse continues

TRADING on the Australian share market is shaping up to be a roller-coaster ride this week, after...

Lauren Barrett

The S&P/ASX 200 index opened higher following a better performance on Wall Street overnight.

However, the index struggled to get above 4520 points and was tracking lower at 4510 points just after midday.

At the closing bell the index lost 0.2% to 4509.3 points.

During late-morning trade, investors turned their attention to key economic data regarding the country’s jobless rate.

According to the Australian Bureau of Statistics, the seasonally adjusted unemployment rate dropped 0.1% to 5.2% in November.

The number of people employed increased by 13,900 to 11,546,400, driven by an increase in part-time employment figures.

Among the sectors, gains were posted in the health care and utilities industry, firming 0.5% and 0.1%, respectively.

The gains were offset by falls in all the other key sectors, with technology leading the market down 1.4%

It was another mixed day for the miners. However, gains among the biggest companies were limited.

A majority of the gold-focused companies lost ground, with PanAust weakening 1.8% to $A3.27.

Shares in St Barbara shed 3.2% to $1.64 , Endeavour Mining Corporation slipped 5.7% to $2, but Resolute Mining managed to pick up 0.6% to $1.71.

Rio Tinto found 1% to $59.92, while BHP Billiton closed up 0.3% to $34.41.

Elsewhere, Intrepid Mines fell 10.2% to 26.5c, while Energy Resources of Australia dipped 3% to $1.14.

Meanwhile, shares in Sirius Resources were placed in a trading halt today pending a capital raising, while Pegasus Metals requested a halt to clarify any potential impact a mining ban near Horizontal Falls in the Kimberley region will have on its McLarty Range project.

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