The Australian share market is trading slightly lower after disappointing US jobs figure.
Lonsec senior client adviser Michael Hefferan said the most recent US employment figures may have fallen short of expectations but had followed two months of very strong growth.
“The US economy, in my view, is still on track to do well, but there’s been a few knee-jerk reactions in a negative direction,” Mr Heffernan said.
Mr Heffernan said the local bourse was only slightly lower.
“It’s really neither here nor there in my book,” he said.
In the United States on Friday, markets closed mixed after the monthly Labor Department report said the US economy added 74,000 jobs in December – well below the 197,000 expected by analysts.
On the Australian market at 1200 AEDT on Monday, in the resources sector, global miner BHP Billiton was up 23 cents at $36.67, Rio Tinto was 35 cents higher at $64.00, and Fortescue Metals had firmed two cents to 5.22.
Among the major banks, Westpac had dropped 11 cents to $32.11, ANZ had eased 10 cents to $31.46, Commonwealth Bank had dumped 45 cents at 77.15, while National Australia Bank had reversed 19 cents to $34.38.
Telstra hovered at $5.26 after announcing it would sell a 70 per cent stake in directories business Sensis for just over $450 million.
Transurban was six cents richer at $6.85 after strong traffic growth on the tollway operator’s Sydney roads helped boost half year revenue.
Takeover target Warrnambool Cheese and Butter nudged up one cent to $9.22 as Canadian suitor giant Saputo lifted its stake in the company to more than 26 per cent.
Freight rail operator Asciano improved two cents to $5.64 as it entered into a 12-year haulage agreement with Whitehaven Coal.
KEY FACTS
* At 1208 AEDT on Monday, the benchmark S&P/ASX200 index was down 6.7 points, or 0.13 per cent, at 5,305.7 points.
* The broader All Ordinaries index was down 5.6 points, or 0.11 per cent, at 5,310.7 points.
* The March share price index futures contract was 20 points lower at 5,270 points, with 10,675 contracts traded.
* National turnover was 571.07 million securities worth $924.4 million.
