Lifted with a strong lead from Wall Street the Australian share market was almost one per cent higher at open but pulled back ahead of domestic jobs figures. The local bourse is still on positive ground held up with strength in the miners and most sectors trading higher.
The S&P/ASX 200 index has added 16 points and is 4,234. On the futures market the SPI is 15 points higher.
Economic news
Australia’s jobless rate has come in steady in December, increasing the case for an interest rate cut next month. According to the Bureau of Statistics Australia’s unemployment rate was a 5.2 per cent December, from a downwardly revised 5.2 per cent the month before. In December 29,300 jobs were lost in Australia. Full time workers increased 24,500 to 8.05 million while part-time workers decreased 53,700 to 3.37 million in the last month of the year.
Company news
Santos Limited (ASX:STO) has posted a fall in last year’s production and sales but maintained production guidance for this year. In 2011 the company reported production of 47.2 millions of barrels of oil equivalent, down 5 per cent from the year before. Santos has maintained its 2012 production guidance of between 51 and 55 millions of barrels of oil equivalent. Shares in Santos have firmed 0.61 per cent and are trading at $13.29.
Sydney Airport Holdings Limited (ASX:SYD), previously called MAp Group, says total traffic dropped 2.2 per cent in December from the month before but was up 0.2 per cent from the year before. CEO Kerrie Mather says the key driver of growth continued to be from Asian emerging markets with traffic from China last month increasing 11 per cent. Shares in Sydney Airport Holdings are trading 1.45 per cent lower at $2.71.
Best and worst performers
Most sectors are higher at noon: The best performing sector is: Health Care lifting 66 points to 8,003. Shares in Mesoblast have risen 1.8 per cent and trading at $6.77. Shares in Ramsay Health Care and Biota Holdings are also higher.
The worst performing sector is Real Estate Investment Trusts, losing 7 points to 818. Shares in Stockland are 1.34 per cent lower, trading at $3.325. Shares in Dexus Property and Westfield Group are also weaker.
New Zealand
The NZSX50 is 28 points higher: Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 0.48 per cent to $2.075, followed by Auckland International Airport, Fletcher Building and ANZ.
Gold and the dollar
Gold is trading at $US1,658 an ounce.
The Australian dollar is buying $US1.0399.
