Market Wrap: Aus shares close 0.63% higher

Market Reports

The local share market has broken its three day losing streak and has finished the session in positive territory. Despite the release of weaker than expected jobs data, the Australian share market closed 0.63 per cent higher. The big banks ended up reversing some of their early losses, but it was the materials space which drove the index higher in the end. 
 
The S&P/ASX 200 index closed 33 points higher to finish at 5,230. 
 
The value of trades was $4.5 billion on volume of 745 million shares at the close of trade. The top three stocks by value were Asciano Limited (ASX:AIO), Commonwealth Bank of Australia (ASX:CBA) and BHP Billiton Limited (ASX:BHP)
 
On the futures market the SPI is up 35 points.
 
Economic news

Jobs data for the month of September has come in softer than expected. Latest figures from the Australian Bureau of Statistics (ABS) have shown the seasonally adjusted unemployment rate for September remained at 6.2 per cent, despite a fall of 0.1 percentage points from August. The ABS reported the number of people employed decreased by 5,100 in September.
 
Company news

CSL Limited (ASX:CSL) has announced a $1 billion on-market share buy-back. The plasma and vaccine giant says the funds will be used for ongoing capital management. It’s the company’s ninth share buy-back in a decade. CSL closed 0.29 per cent lower at $88.99. 
 
Fortescue Metals Group’s (ASX:FMG) latest production report has shown that the amount of iron ore processed and shipped for the September quarter has remained flat. There has been a slight increase in the amount of ore mined, gaining 7 per cent for the quarter. Shares in Fortescue Metals closed 6.02 per cent higher to $2.29. 
 
Australia and New Zealand Banking Group (ASX:ANZ) has agreed to sell its New Zealand OnePath Life medical insurance book to nib NZ Limited.
 
National Australia Bank Limited (ASX:NAB) has entered into a non-binding Memorandum of Understanding with Japanese Nippon Life Insurance Company.
 
Iluka Resources Limited (ASX:ILU) has recorded a lift in revenue in its quarterly production report.
 
ALE Property Group (ASX:LEP) has received a takeover proposal from investment services company Caledonia Private Investments.
 
Best and worst performers

The best performing sector was Materials adding 1.8 per cent to close at 8,404. The worst performing sector was Telcos, losing 0.8 per cent to close at 1,960 points.
 
The best performing stock in the S&P/ASX 200 was Domino’s Pizza, rising 9.64 per cent to close at $46.62. Shares in Evolution Mining and Pacific Brands also closed higher.
 
The worst performing stock was Asciano, dropping 7.62 per cent to close at $7.88. Shares in Arrium and Dick Smith also closed lower. 
 
Commodities and the dollar

Gold is trading at $US1,185 an ounce.
Light crude is up 1 cent at $US47.16 a barrel.
The Australian dollar is buying 73.17 US cents.

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