The Australian share market opened slightly higher this morning despite mixed offshore leads, with retail stocks posting early gains. The ASX has spiked on the back of ABS labour force data meeting expectations to be 0.8 per cent up at noon.
The S&P/ASX 200 index is 35 points up at 4,773. On the futures market the SPI is 38 points higher.
Economic news
The Australian Bureau of Statistics has released Labour force data figures for December, indicating a 5.4 per cent national jobless rate, in line with expectations. According to the figures the Australian economy shed 5,500 jobs in December.
Company news
Santos Limited (ASX:STO) has reaffirmed its full year production guidance despite posting increases in production and revenue in the 2012 calendar year. The oil producer lifted its total production by 10 per cent to 52.1 million barrels of oil last year, while sales revenue was boosted by 18 per cent to $3.22 billion. The revenue increase was attributed to a 33 per cent spike in the production of crude oil. Shares in Santos are trading up 1.46 per cent at $11.81.
Iluka Resources Limited (ASX:ILU) 2012 annual mineral sands production has fallen by 30.5 per cent to 811.8 thousand tonnes, amid weaker consumer demand for its products. The result has fallen from 1168 thousand tonnes in 2011, reflecting what Iluka says is an exercise of production flexibility owing to subdued market conditions. Shares in Iluka Resources are trading up 7.46 per cent at $10.08.
Best and worst performers
All sectors are higher at the moment, The best performer among them is Consumer Staples gaining 104 points to 9,232. Shares in Metcash Limited (ASX:MTS) have risen 1.41 per cent and trading at $3.59. Shares in Woolworths Limited (ASX:WOW) and Goodman Fielder Limited (ASX:GFF) are also stronger at midday.
The sector with the least gains is Telco Services, gaining 1 point to 1,533. Shares in Telstra Corporation Limited (ASX:TLS) have fallen 0.22 per cent, trading at $4.47. Shares in TPG Telecom Limited (ASX:TPM) and Telecom Corp of New Zealand (ASX:TEL) are trading slightly higher at noon.
Gold and the dollar
Gold is trading at $US1,679 an ounce and the Australian dollar is buying $US1.054.
