Market Wrap / miracle economy?

The local market again finished lower, falling by 23.30 points or 0.3% to 8,330.30. Nine of 11 sectors ended in negative territory; infotech was the best-performing sector, gaining 0.4% and recovering from its decline; utilities performed the worst. 

Trade took a turn after the November jobs data came in stronger than expected, sending the unemployment rate to 3.9% and prompting money markets to scale back bets for a Feburary rate cut from the RBA. 

On the corporate front, Ventia dropped a whopping 22.6% while Downer fell 6% after the ACCC singled out four senior executives for alleged cartel behaviour in relation to maintenance and operation services they delivered for the Department of Defence. 

Global mining giants BHP and Rio Tinto are facing a class action alleging widespread and systemic sexual harassment at Australian mine sites. Materials sector dropped 0.3%. 

oOh!media shares fell 3.8% as it looks to cut costs in response to challenging market conditions.

HMC Capital jumped 3.8% after Morgan Stanley upgraded its price target to $12.98, from $10.35, indicating platform and fee growth for the alternative asset manager.

Property services group IPH jumped 4% after commencing a share buyback program of up to $75 million.

Looking ahead, the US November producer price index will be released tonight. Locally tomorrow RBA Assistant Governor Sarah Hunter will speak at the University of Adelaide luncheon, giving the central bank an opportunity to respond to the strong jobs data.