Following positive offshore leads the Australian share market opened stronger, pulled back ahead of ABS jobs data but rose after its release to be almost 0.5 per cent higher at noon.
The S&P/ASX 200 index has lifted 14 points and is 4,158. On the futures market the SPI is 16 points higher.
Economic news
Australia’s unemployment rate rose and jobs were lost last month. According to the Australian Bureau of Statistics Australia’s jobless rate rose to 5.2 per cent in February from 5.1 per cent the month before. The economy lost more than 15,000 jobs last month.
Company news
Mining billionaire Gina Rinehart has been placed as the richest Australian on the Forbes Rich List, coming in at the 29th spot with an estimated worth of $US18 billion. Fellow Western Australian mining billionaire and Fortescue Metals Group Limited (ASX:FMG) founder Andrew Forrest made the 173rd spot with an estimated worth of $US5.8 billion. Shares in Fortescue Metals are trading 2.26 per cent higher at $5.43.
More reports have emerged adding fuel to speculation Middle East airline, Etihad, is hunting a stake in Virgin Australia Holdings Limited (ASX:VAH). Etihad and Virgin inked a five-year alliance last year which will see both airlines benefit from cooperating on joint pricing and service scheduling across their networks. Shares in Virgin Australia are trading 2.33 per cent higher at $0.44.
Best and worst performers
The best performing sector is Energy gaining 191 points to 13,948. Shares in Santos Limited (ASX:STO) have risen 2.94 per cent and trading at $14.00. Shares in Karoon Gas Australia Limited (ASX:KAR) and Woodside Petroleum Limited (ASX:WPL) are also stronger.
The worst performing sector is Consumer Discretionary, dipping 9 points to 1,252. Shares in Pacific Brands Limited (ASX:PBG) have fallen 4.38 per cent, trading at $0.655. Shares in Fairfax Media Limited (ASX:FXJ) and David Jones Limited (ASX:DJS) are also down at noon.
New Zealand
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 0.43 per cent lower at $2.31, followed by Fletcher Building and ANZ and Westpac.
Gold and the dollar
Gold is trading at $US1,685 an ounce and the Australian dollar is buying $US1.0556.
