The local share market is higher at midday, boosted by better than expected jobs data. Mining stocks are leading the gains at noon on stronger copper prices.
The S&P/ASX200 index is up 44 points at 4,581 and on the futures market, the SPI200 is up 43.
In economic news: Australia’s unemployment rate has dropped to 5.1%, according to data released by the ABS today. Data released by the Bureau of Statistics showed that employers added 53,100 new full-time staff to their ranks in August.
To company news: Gas producer Santos Ltd (ASX:STO) will sell a 15 per cent stake in its Gladstone liquefied natural gas project to Total for $650 million. Total is also set to acquire an additional 5 per cent interest in the $7.7 billion Gladstone project from Malaysian-owned Petronas. When the transactions are complete Santos will retain 45 per cent ownership, Petronas 35 per cent and Total 20 percent. Shares in Santos are 3.78% down at $13.23.
AMP Ltd (ASX:AMP) is said to be very pleased with the ACCC’s decision to block National Australia Bank Ltd’s (ASX:NAB) bid for AXA Asia Pacific Holdings Ltd’s (ASX:AXA) Australian and New Zealand businesses. According to a Business Spectator report an AMP spokesperson says the company is considering its next step following the regulator’s decision. Last year AMP’s bid for AXA APH was beaten by NAB, however the company says a deal with AXA remains attractive. Shares in AMP are 0.4% down at $5.02.
Turning now to market indices, and most are in the black at midday: The best performing sector is the Consumer Discretionary sector, with the index up 20 points to 1,533. Shares in Flight Centre are up 1.86% to $22.51. Shares in News Corporation and Tatts Group are also higher. The worst performing sector at midday is the Telco Services sector, with the index down 11 points to 978. Shares in Telecom of New Zealand dropped 5.97% to $1.575. Shares in Telstra and Singtel also lower at midday.
To New Zealand now and the NZSX50 is 16 points lower. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is top of the list with stock down 6.1% at $2.00 followed by; Fletcher Building and Fisher and Paykel Healthcare and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1254 US an ounce and the Aussie dollar is trading at 92.18 US cents.
