A surprise jump in the number of Australian jobs created lifted the Australian share market today. Stocks accelerated gains following the release but eased from the high in the afternoon to end 0.5 per cent up. The Australian dollar was also given a boost from the jobs data and rallied back above $US0.90. The mining sector staged the biggest recovery after this week’s falls and finished 1.7 per cent stronger while the energy sector back-flipped into the red by close.
Figures
The S&P/ASX 200 index lifted 28.4 points to finish at 5,413.
The value of trades was $4.5 billion on volume of 787 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 39 points higher.
Economic news
Australia’s jobless rate has stayed steady while job creation hit almost a two-year high last month. The Australian Bureau of Statistics reports the economy added 47,300 jobs, the unemployment rate remained at 6 per cent and the participation rate increased to 64.8 per cent in February.
Company news
On the back of today’s upbeat official jobs report Woolworths Limited
(ASX:WOW) has announced it will add almost 7,000 jobs this financial year. The supermarket giant says the jobs will be created as part of plans to open 108 new stores across its divisions including Dan Murphy’s, BIG W and Masters. The announcement comes after rival supermarket giant Wesfarmers Limited
(ASX:WES)-owned Coles revealed it will build 70 supermarkets over the next three years. Shares in Woolworths rose 1.07 per cent today to end the session at $36.84.
Origin Energy Limited
(ASX:ORG) has suspended coal seam gas drilling at 12 rig sites in central Queensland due to an asbestos scare. The energy producing giant is the operator of the Australia Pacific LNG Project and was advised by one of its suppliers asbestos was identified in drilling fluids it was using. The supplier, owned by Imdex Limited
(ASX:IMD), is withdrawing the product from market and conducting investigations. Origin says it is providing support to those who may have been exposed. Shares in Origin Energy eased 1.17 per cent today to end the session at $14.39.
Executive changes
Takeover target Leighton Holdings Limited
(ASX:LEI) has announced its CEO Hamish Tyrwhitt and CFO Peter Gregg will be stepping down on the same day its majority shareholder Hochtief has boosted its bid for the company to $22.50 per share.
Telstra Corporation Limited’s
(ASX:TLS) senior management team will see a shake-up with its digital media boss Rick Ellis on the way out and two new members, Mark Buckman and Mike Wright, joining Australia’s largest telco.
Discount goods retailer The Reject Shop Limited
(ASX:TRS) says it is on the hunt for a new chief after its managing director Chris Bryce announced he will leave at the end of the current financial year.
Gold miner Kingsgate Consolidated Limited
(ASX:KCN) says it has started looking for a new chief after its managing director and CEO Gavin Thomas announced he will step down in June.
Best and worst performers
The best performing sector was materials, adding 172 points to close at 10,164.
The worst performing sector was health care, losing 24 points to close at 14,906 points.
The best performing stock in the S&P/ASX 200 was Sirius Resources NL
(ASX:SIR), rising 8.4 per cent to close at $2.71. Shares in Medusa Mining Limited
(ASX:MML) and Horizon Oil Limited
(ASX:HZN) also closed higher.
The worst performing stock was Domino's Pizza Enterprises Limited
(ASX:DMP), dropping 3.04 per cent to close at $20.75. Shares in Buru Energy Limited
(ASX:BRU) and Primary Health Care Limited
(ASX:PRY) also closed lower.
Commodities
Gold is buying $US1,373.84 an ounce.
Light crude is $2.04 lower at $US97.99 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9068.
