Despite mixed offshore leads after the world bank and Germany cut growth forecasts, the Australian share market opened higher and rallied on the back of ABS labour force data to surge to a 20 month high this afternoon, before easing to close 0.4 per cent up.
The S&P/ASX 200 index closed 18 points up to finish at 4,757. The value of trades was $5.2 billion on volume of 887 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Rio Tinto Limited (ASX:RIO).
On the futures market the SPI is 18 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
Highlands Pacific Limited (ASX:HIG) has reported assays from the first hole at its Kum Kom prospect in Papua New Guinea’s Star Mountains have uncovered potential for a further copper-gold porphyry system. Managing Director John Gooding says it is a discovery that highlights the potential copper-gold systems that exist in the district. Shares in Highlands Pacific closed steady at $0.15.
Billabong International Limited (ASX:BBG) share’s hit a three month high this afternoon, breaking through the $1 mark for the first time this year.
The improved share performance from the battling surfwear retailer follows a joint takeover offer out of the US earlier this week, following a rival US offer in December, creating the potential for a bidding war. Shares in Billabong International closed 4.66 per cent up at $1.01.
Woodside Petroleum Limited (ASX:WPL) has reiterated its 2013 production guidance after posting record total annual production.
Qantas Airways Limited (ASX:QAN) has been granted interim authorisation from the Australian Competition and Consumer Commission (ACCC) for its proposed alliance with Emirates.
Santos Limited (ASX:STO) has reaffirmed its full year production guidance despite posting increases in production and revenue in the 2012 calendar year.
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.
Best and worst performers
The best performing sector was Consumer Staples adding 96 points to close at 9,224.
The worst performing sector was Real Estate Investment Trusts, losing 6 points to close at 998.
The best performing stock in the S&PASX 200 was FKP Property Group (ASX:FKP), rising 6.64 per cent to close at $1.60. Shares in Downer EDI Limited (ASX:DOW) and Billabong International Limited (ASX:BBG) also closed higher.
The worst performing stock was Decmil Group Limited (ASX:DCG), dropping 9.09 per cent to close at $2.30. Shares in Ten Network Holdings Limited (ASX:TEN) and Fortescue Metals Group Limited (ASX:FMG) also closed lower.
Commodities
Gold is trading at $US1,678 an ounce. Light crude is $0.36 down at $US93.88 a barrel.
The Australian dollar
The Australian dollar is buying $US1.05.
