Aussie shares swung to a loss for the fifth straight session Thursday, with the result coming despite a brief boost that followed the release of positive unemployment data just prior to lunch. Losses were broad-based with most of the major players in each sector losing ground.

Australia’s unemployment rate dropped 0.1% to 5.7% in November according to the Australian Bureau of Statistics. There were 31,200 more jobs in November than October, with almost all of them being full-time positions.

Meanwhile, the Melbourne Institute survey of consumer inflationary expectations increased 0.4% to 3.6% in December. Expectations decreased 0.3% in November.

At the end of the day, the All Ords retreated 29.7 to 4,622.9, while the ASX/200 gave up 31.2 to 4,606.7. About 2.2 billion shares worth around $4.9 billion had changed hands.

Among the big four banks ANZ and NAB were little changed, while CBA was the major loser, down 35c to $52.51. Westpac rallied 18c to $23.77.

The Banks and Financials sector lost 0.5%.
 
Bank of Queensland said economic data is pointing to more conducive trading conditions for the in 2010 than the past 12 months. The bank said this, combined with the sustainable lower cost base it now has in place, could be leveraged to grow wealth. The company’s shares were down 3.5% at $11.09

IAG was the best of the insurers, adding 5c to be trading at $3.82. The other major insurers were all lower, including Suncorp-Metway, down 25c to $8.47.

The Materials and Resources sector weakened 1.2%. It was a mixed session for metals prices overnight with copper, zinc and lead falling, while nickel and aluminium prices advanced.

BHP Billiton sank 59c, or 1.5% to $39.96 to be at its lowest level for a month. Rio Tinto was down $1.10, or 1.6%, to $69.80, closing at two week lows.

It was a mixed day for the chemical and agricultural stocks. Incitec Pivot shed 16c, or 5.1% to $2.99. Orica rallied 1.8%, while Nufarm was off just 0.6%.

Energy stocks struggled as the price of crude continued to slide to eventually close just above the US$70 a barrel mark. Woodside edged 9c lower to $47.08, while Origin gained 6c to $15.89 as the company announced it had successfully synchronised to the grid the first turbine at its Darling Downs Power Station.

The sector lost 1.4%.

Santos weakened 69c to $13.61 after the company’s CEO, David Knox, said yesterday that the company anticipates demand for LNG from Asia to increase more than seven-fold by 2025.

Caltex slid 15c to $8.49 as Credit Suisse downgraded its target price on the stock due to weak industry conditions.

Oil Search fell 21c, or 3.7% to $5.53.

Consumer Staples gave up a 0.2% gain at lunch to close down 0.5% largely due to Wesfarmers losing 21c, or 0.7% to $28.83. Woolworths lost 11c to $26.85.
 
Coca-Cola Amatil bucked the trend, rising 8c to $10.90.

Metcash dipped 4c to $4.36 after the company announced it had agreed to acquire a 50.1% stake in hardware chain Mitre 10 for around $55 million. Metcash also went ex-div today.

Goodman Fielder lost 3c to $1.58. The company announced that it has entered into an agreement to sell its Commercial division edible fats and oils operations to Cargill for $240 million.

The Consumer Discretionary sector was down 1.1%.

Retailers Billabong and Harvey Norman shed 2.9% and 1.5% to $10.88 and $4.06.

Ten edged 1c lower to $1.53. The television network said it was seeing improvements in the Australian advertising market and was benefiting from a stronger 2009 ratings performance in negotiations with advertising groups for next year.

Newscorp slid 39c to $15.77, while rival media company Fairfax added 2c to $1.58. 

It was a mixed day for the Industrials stocks with the sector finishing flat.

UGL put on 4% to $13.20 as the company reiterated its FY10 earnings guidance and appointed Robert Bonaccorso as its new chief financial officer.

Boart Longyear and Reece Australia rallied 4.5% and 4.3% to 34.5c and $22.70.

Alesco shed 1.3% to $4.43 after featuring heavily in broker reports this morning. The company received three price target downgrades.

Seek rallied 4.4%, or 28c to $6.63.

A 2c gain to $3.47 from Telstra led the Telecommunications sector to be the best performing sector, up 0.6%.

Around the region, the Nikkei 225 lost 122.9 to 9,881.8, while the Straits Times Index retreated 27.4 to 2,769.8. Meanwhile, the NZSE50 gained 4.6 to 3,132.3. The Hang Seng lost 164.7 to 21,577.1

Spot gold was trading at US$1,128.82 per ounce, and the Aussie was buying US$0.9143.

---

Metcash picks up 50% stake in Mitre 10
Metcash said it had agreed to take a 50.1% stake in hardware chain Mitre 10 for around $55 million, as Australia’s number three supermarket chain seeks to compete against Bunnings and Woolworths' new hardware venture.

At the end of the day, Metcash shares were trading down 4c to $4.36.

UGL appoints CFO and reiterates guidance
UGL announced the appointment of Robert Bonaccorso as its new Chief Financial Officer, effective immediately. The company also said it expects to maintain its previously stated earnings guidance for FY2010 with earnings significantly weighted to the second half of the year.

At the close, UGL shares were trading up 51c to $13.20.

Ten aims for 30% market revenue
Ten Network Holdings chairman, Nick Falloon, said at its AGM that it was seeing improvements in the Australian advertising market and was benefiting from a stronger 2009 ratings performance in negotiations with advertising groups for next year.

At the finish, Ten shares were down 1c $1.53.

GFF to sell edible fats and oils operations
Goodman Fielder said it has entered into an agreement to sell its Commercial division edible fats and oils operations to Cargill for $240 million. The company said the sale price of the business, which processes edible fats and oils and supplies food manufacturers and wholesalers in Australia and New Zealand, was a significant premium to the carrying value of the business.

At the bell, Goodman Fielder shares were down 3c to $1.58.

Origin synchronises first turbine
Origin Energy said it had successfully synchronised to the grid the first turbine of its 630 megawatt (MW) Darling Downs combined cycle power station. The company said the first of three 120 MW gas turbines was synchronised yesterday as part of a commissioning phase which will extend over coming months.

At the close, Origin shares were up 6c to $15.89.