Despite mixed leads Australian share market rose at open and extended gains after the release of surprising jobs data and is trading 1 per cent higher at noon. The major miners are supporting gains amid anticipation the European Central Bank could potentially reveal a bond-buying program when it meets today.
The S&P/ASX 200 index has advanced 43 points to 4,321. On the futures market the SPI is 41 points higher.
Economic news
Australia’s unemployment rate has defied expectations and fallen in the same period the economy lost jobs. According to the Australian Bureau of Statistics (ABS) the unemployment rate fell to 5.1 per cent in August from 5.2 per cent the month before. The ABS also reports Australian economy added 600 full time jobs but lost 9,300 part time jobs in August with the participation rate easing to 65 per cent.
Company news Shares in Qantas Airways Limited
(ASX:QAN) have gained 4.44 per cent after Australia’s largest airline announced an extensive global aviation partnership with Middle East airline Emirates.
Shares in Lynas Corporation Limited
(ASX:LYC) have surged 36.13 per cent after the rare earths developer scored a temporary operating licence for its Malaysian refinery, enabling first feed to kiln next month.
Shares in CuDeco Limited
(ASX:CDU) have lifted 4.3 per cent after the price of copper rose overnight and on news the mineral explorer has inked a formal lease for a receival, storage and export facility at the Port of Townsville in North Queensland.
Shares in Fortescue Metals Group Limited
(ASX:FMG) have fallen under $3.00 with the iron ore producer today announcing the resignation of joint company secretary, Roderick Campbell.
Best and worst performers The best performing sector is materials gaining 138 points to 9,212. Shares in Lynas Corporation Limited
(ASX:LYC) have risen 36.13 per cent and trading at $0.81. Shares in Atlas Iron Limited
(ASX:AGO) and Sundance Resources Limited
(ASX:SDL) are also stronger.
The only sector is the red is health care, falling 49 points to 10,370. Shares in Acrux Limited
(ASX:ACR) have fallen 0.95 per cent, trading at $3.13. Shares in ResMed Inc.
(ASX:RMD) are lower while shares in Sigma Pharmaceutical Limited
(ASX:SIP) are slightly higher.
Gold and the dollar
Gold is trading at $US1,696 an ounce.
The Australian dollar is buying $US1.02.
