The Australian share market and dollar are higher after the release of the official jobs report. Following a positive lead from Wall Street the local benchmark moved 0.7 per cent up ahead of the figures but has moved off its high since. The local currency added more than half a US cent after the jobs report and is now back above $US0.90. Across the sectors all are trading stronger with the miners making up some ground after this week’s steep falls.
Figures
The S&P/ASX 200 index has gained 32 points and is sitting at 5,416. On the futures market the SPI is 43 points higher.
Economic news
Australia’s jobless rate has met expectations and remained steady last month while the amount of jobs added hit almost a two-year high. The Australian Bureau of Statistics reports the economy added 47,300 jobs to hit 11.53 million in February, increasing from an upwardly revised 11.48 million in January. The unemployment rate remained at 6 per cent as the participation rate increased to 64.8 per cent in February.
Board shake-ups
Takeover target Leighton Holdings Limited
(ASX:LEI) has announced its CEO and CFO will be stepping down on the same day its majority shareholder Hochtief has boosted its bid for the company. The construction giant says chief executive Hamish Tyrwhitt and chief financial officer Peter Gregg have resigned and will depart immediately. The news comes after Hochtief launched the conditional cash takeover bid on Monday which has now increased from $22.15 per share to $22.50 per share. Shares in Leighton Holdings have fallen 0.72 per cent and are trading at $22.08.
Telstra Corporation Limited’s
(ASX:TLS) senior management team will see a shake-up with its digital media boss on the way out and two new members added. Australia’s largest telco says its media managing director Rick Ellis will leave after the completed majority sale of Sensis to Platinum Equity Group significantly reduced his portfolio. The company’s executive committee will also see Mark Buckman appointed as of group managing director, media and marketing and Mike Wright will take on the role of group managing director, networks. Shares in Telstra Corporation have firmed 0.2 per cent and are trading at $5.09.
Best and worst performers
All sectors are on positive ground: The best performing sector is materials, gaining 134 points to 10,127. Shares in Sirius Resources NL
(ASX:SIR) have risen 6.6 per cent and trading at $2.67. Shares in Aquila Resources Limited
(ASX:AQA) and Regis Resources Limited
(ASX:RRL) are also stronger.
The sector with the smallest gains is telco services, firming 2.3 points to 1,775. Shares in M2 Group Limited
(ASX:MTU) are trading 1.31 per cent lower at $6.01. Shares in Singapore Telecommunications Limited
(ASX:SGT) are also lower while shares in and Telstra Corporation Limited
(ASX:TLS) are higher at noon.
Gold and the dollar
After an overnight gain of more than $US20 the price of gold is trading at $US1,365.50 an ounce.
The Australian dollar has jumped on local jobs numbers and is buying $US0.9062.
