Poor US jobs data drags local market lower

DISAPPOINTING US jobs data and lower base metals prices dragged the market lower in opening trade, with all sectors of the local market losing ground.

DISAPPOINTING US jobs data and lower base metals prices dragged the share market lower in opening trade, with all sectors of the local market losing ground.

At 10.13am (AEST), the benchmark S&P/ASX200 index was 20.5 points lower at 4562.6, while the broader All Ordinaries index was 20.4 points lower at 4646.2.

On the ASX 24, the June share price index futures contract was 15 points lower at 4565, with 10,012 contracts traded.

A positive review of Greece's public finances from the International Monetary Fund and the European Union, along with approval for the fifth instalment of a 110-billion-euro ($150 billion) bailout package, was not enough to prevent the local market falling.

Bill Chatterton, RBS Morgans' director of equities, said the local market fell across the board in line with Wall Street losses.

"There's no escape route today. It's not dramatically down, but we're in line with the US," he said.

"I don't see any great, dramatic turnaround today."

Wall Street's major indices dropped over 0.79 per cent on a disappointing May jobs report, which showed just 54,000 jobs were created that month.

The number was down from 232,000 in April and well below forecasts for 169,000 new jobs, which worried investors who are growing increasingly unhappy at signs the global economy is slowing.

The Dow Jones Industrial Average lost 97.29 points, or 0.79 per cent, to close at 12,151.26, making a fifth consecutive weekly slump amid the index's longest streak of losses since 2004.

The broader Standard & Poor's 500 index fell 12.78 points, or 0.97 per cent, to 1300.16, while the tech-laden Nasdaq Composite dropped 40.53 points, or 1.46 per cent, to 2732.78.

Local market heavyweight BHP Billiton fell 18 cents, or 0.42 per cent, to $43.05, while Rio Tinto lost 22 cents, or 0.28 per cent, to $79.54.

Copper, nickel, and zinc prices fell on the London Metals Exchange on Friday, Mr Chatterton said.

Oil major Woodside Petroleum was a rare bright spot, up 13 cents to $45.83.

But rival Santos Ltd fell by 10 cents to $14.01, while Oil Search eased two cents to $6.61.

Gold major Newcrest Mining dropped 40 cents, or 1.03 per cent, to $38.26.

By 10.27am the spot price of gold in Sydney was trading at $US1543.00 per fine ounce, up $US11.59 on Friday's closing price of $US1541.41.

Banks and diversified financials traded in negative territory, led by ANZ Banking Group, which lost 14 cents, or 0.66 per cent to $21.31.

Westpac and National Australia Bank eased by 0.33 per cent each, while Commonwealth Bank was steady at $49.51.

Consumer discretionary stocks lost ground, with JB Hi-Fi down 20 cents, or 1.19 per cent, to $16.57, and Kathmandu Holdings dropping 3.5 cents, or 2.02 per cent, to $1.695.

Wesfarmers declined 31 cents, or .0.97 per cent to $31.53, and Woolworths fell 15 cents, or 0.56 per cent, to $26.64.

Telstra eased one cent to $3.02.

News Corporation fell 29 cents, or 1.72 per cent to $16.56, its non-voting scrip lost 29 cents, or 1.78 per cent, to $16.00, and rival Fairfax Media dropped 1.5 cents, or 1.47 per cent, to $1.005.

In news today, Gindalbie Metals says it has signed a 10-year rail haulage agreement with QR National worth $900 million to transport iron ore from the Karara project near Geraldton in Western Australia.

Gindalbie's shares eased 0.5 cents to 93 cents.

National turnover reached 389 million shares, worth $637.8 million, with 228 stocks up, 480 down and 327 unchanged.