The Australian share market started the week almost 1.5 per cent higher on better-than-expected US job figures and is 1.23 per cent higher at midday with almost all sectors in the black.
The S&P/ASX 200 index has gained 52 points and is 4,303. On the futures market the SPI is 47 points higher.
Economic news
The total number of job advertisements In Australia grew for the second time in six months in January, recording the largest rise since February last year. ANZ research shows the total number of jobs advertised in newspapers and on the internet jumped a seasonally adjusted 6.4 per cent for the month.
Company news
Perpetual Limited’s (ASX:PPT) chief executive Chris Ryan has stepped down from his position after facing differences with the board over strategy. Chairman Peter Scott says it had become clear that there were differences between Mr Ryan and the board around emphasis and execution of strategy for the immediate and longer term, and the company had agreed to disagree with Mr Ryan over the weekend on important decisions. Perpetual’s executive of private wealth, Geoff Lloyd, has taken Mr Ryan’s place. Shares in Perpetual are trading 1.73 per cent higher at $20.59.
Analysts have told media that continued price-cutting by Woolworths Limited (ASX:WOW) and Wesfarmers Limited-owned (ASX:WES) Coles supermarkets may hinder earning margins, following both companies reporting lower prices for the December quarter. Analysts have told News Ltd the cuts were “self-inflicted”, and the “persistent acute food deflation” poses a risk to this year’s financial margins. Shares in Woolworths have lost 0.12 per cent and are trading at $24.37.
Best and worst performers
Almost all sectors are performing in positive territory: The best is materials gaining 186 points to 11,816. Shares in Fortescue have advanced 3.55 per cent and trading at $5.25. Shares in Lynas and Boral are also stronger.
The only sector in the red is utilities, losing 9 points to 4,588. Shares in AGL Energy are 0.94 per cent lower, trading at $14.165. Shares in SP Ausnet and Spark Infrastructure follow.
New Zealand
It’s a public holiday across the Tasman today for Waitangi Day so the markets are closed, they’ll be open again tomorrow.
Gold and the dollar
Gold is trading at $US1,730.50 an ounce and the Australian dollar is buying $US1.0734.
