Strong leads from Wall Street have seen the Australian share market reverse yesterday’s losses to push 0.8 per cent higher at midday. Gains slowed, however, amid strong jobs data being released by the ABS showing a drop in the unemployment rate, signs of job growth should cool the need for the RBA to cut interest rates further.
The energy sector led the way today as oil prices saw a bump in the US and the miners also saw gains with BHP 2.4 per cent ahead.
The S&P/ASX 200 index is 46 points up at 5,955. On the futures market the SPI is 48 points higher.
Economic news
The Australian Bureau of Statistics has shown a lift in jobs creation and after revising the February unemployment rate down to 6.2 per cent it showed the March figure to be a further improvement, with unemployment down to 6.1 per cent.
Company news
Mineral sands miner Iluka Resources Limited
(ASX:ILU) says first quarter output has dropped 24 per cent compared to last year on volatile offshore demand. The company says revenue is down to $115.2 million with major sales of both zircon and rutile deferred beyond the first quarter in line with shipping schedules. A scoping study is also said to have begun in South Australia with a pre-feasibility study under way in the Sonoran, Atacama and Typhoon deposits. Shares in Iluka are trading down 5.86 per cent at $7.87.
AGL Energy Limited
(ASX:AGL) will restructure its executive structure with seven business units making up the company’s core. As part of the reshuffle CIO Owen Coppage and Chief Economist Paul Simshauser will leave the company. CEO Andy Vesey says the changes position AGL to deliver on strategy and drive world leading productivity. Shares in AGL are trading up 0.27 per cent at $15.13
Best and worst performers The best performing sector is energy, gaining 1.6 per cent to 11,699. Shares in AWE Limited
(ASX:AWE) have risen 12.7 per cent and trading at $1.42. Shares in Senex Energy Limited
(ASX:SXY) and Sundance Energy Australia Limited
(ASX:SEA) are also stronger.
The worst performing sector is healthcare, falling 0.1 per cent to 19,761. Shares in Sirtex Medical Limited
(ASX:SRX) have fallen 3.51 per cent, trading at $23.95. Shares in ResMed Inc
(ASX:RMD) and Ansell Limited
(ASX:ANN) are also lower.
Gold and the dollar
Gold is trading at $US1,207 an ounce.
The Australian dollar is buying $US0.7778
