Defying weak leads the Australian share market opened higher pulled back ahead of the latest jobs data but lifted again after the figures showed Australia’s unemployment rate unexpectedly fell and the economy added jobs last month.
The S&P/ASX 200 index has added 9 and is 4,284. On the futures market the SPI is 1 point higher.
Economic news
The latest jobs figures have come in better than expected. The Australian Bureau of Statistics has reported the nation’s unemployment rate dropped from 5.2 per cent to 4.9 per cent in April. In the same period the economy added 15,500 jobs from the month before, defying expectations for a fall of 5,000.
Company news
Shares in AMP Limited (ASX:AMP) have risen after the asset manager posted a first quarter net cash outflow its third straight quarter of drawdowns. AMP says its assets under management have now increased to $5 billion from $4.3 billion at the end of last year. Shares AMP have risen 1.99 per cent and are trading at $4.11.
Shares in Senex Energy Limited (ASX:SXY) have gained after announcing an upgrade of gas reserves and resources across its Queensland Surat Basin coal seam gas permits. Senex says it is well positioned to meet growing gas demand, today posting a 75 per cent increase in net proved and probable CSG reserves. Shares in Senex Energy have gained 4.05 per cent and are trading at $0.90.
Best and worst performers
The best performing sector is Materials gaining 145 points to 10,464. Shares in Perseus Mining Limited (ASX:PRU) have risen 8.86 per cent and trading at $2.40. Shares in Intrepid Mines Limited (ASX:IAU) and Iluka Resources Limited (ASX:ILU) are also stronger.
The worst performing sector is Financials Excluding Real Estate Investment Trusts, falling 52 points to 4,800. Shares in ANZ Banking Group (ASX:ANZ), have fallen 4.46 per cent to $22.09, the stock trading ex-dividend today. Shares in FKP Property Group (ASX:FKP) and National Australia Bank Limited (ASX:NAB) are also lower.
Gold and the dollar
Gold is trading at $US1,592 an ounce.
The Australian dollar is buying $US1.0112.
