The Australian share market closed sharply higher together on the back of surprisingly strong employment data. Firmer metal prices also helped the market extend morning gains with all the major banks and miners closing higher. The S&P/ASX200 Index is up 41 points to close at 4,741. On the futures market, the SPI is up 48 points. Economic news: According to figures from the Australian Bureau of Statistics, Australia’s jobless rate fell to 5.2 per cent in November compared to a 5.4 per cent unemployment rate in October. The new figures reveal that the economy has created the most jobs since January as employers gain confidence heading towards the years’ end. Many economists have now warned that interest rates are likely to rise early in the new year following the better-than-expected labour force numbers. Company news: Reuters has reported that ANZ Banking Group Ltd
(ASX:ANZ) plans to move some of its finance processing roles offshore to its offices in Bangalore and Manila. The move will result in around 50 job losses in Australia. The plans come amidst the bank looking to improve efficiency and simplify structure. ANZ has reportedly brought Accenture on board to build and manage the offshore finance functions for five years. Shares in ANZ closed 2.16 per cent higher to $23.65. Caltex Australia Ltd
(ASX:CTX) says it expects an increase in full-year profit following record results for transport fuels and an increase in finished lubricant sales volumes. The fuel marketer is expecting full year profit for fiscal 2010 to be between $285 million to $295 million, an increase on last year’s $203 million. Shares in Caltex closed 0.64 per cent lower to $14.05. Emerging iron ore producer Brockman Resources Ltd
(ASX:BRM) continues to remain opposed to a $932 million takeover bid by Hong Kong’s Wah Nam International. Riversdale Mining Ltd
(ASX:RIV) has caught the attention of Indian conglomerate Tata Steel which is exploring a joint take-over bid with state-owned mining company NMDC or with Steel Authority of India. Bank of Queensland Ltd
(ASX:BOQ) has downgraded its full-year cash profit guidance following a review of the bank’s top 250 commercial property loans which revealed an increasing bad debt exposure to two shopping centres in the bank’s lending portfolio. Reuters has reported that Macquarie Group Ltd
(ASX:MQG) will launch a fourth multi-billion-euro European fund during the first half of 2011, dedicated to the infrastructure sector. Best and worst performers: The best performing sector at close was Healthcare, with the index rising 147 points to 8,942. The worst performing sector was Consumer Discretionary with the index dropping 11 points to 1500. The best performing stock in the S&P/ ASX200 was Downer EDI as shares lifted 7.44 per cent to close at $4.62. Shares in Mirabela Nickel and Sundance Resources and also closed higher. The worst performing stock was Reject Shop as it downgraded its full year profit guidance due to poor retail conditions. Reject’s shares fell 21.01 per cent to close at $13.50. Shares in Bank of Queensland and Aristrocrat Leisure also fell today. In commodities, gold is trading at $US1,388 an ounce and light crude is up $0.71 at $US88.99 a barrel.
