The Australian share market has reversed yesterday’s losses to close 0.75 per cent higher today and was led by the miners and the banks.
Jobs figures were positive with the unemployment rate staying steady this month at 5.8 per cent, the dollar jumped on the news with speculation on the potential for a lift in interest rates.
While China’s trade data also showed a growth trend recording an $US18.46 billion surplus, which came in above forecasts.
The S&P/ASX 200 index closed 41 points up to finish at 5,477.
The value of trades was $4.3 billion on volume of 684 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), ANZ Banking Group
(ASX:ANZ) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 41 points up.
Company news
National Australia Bank Limited
(ASX:NAB) has increased its cash earnings by 8.5 per cent in the first half of the year to March.
Australia’s fourth largest bank lifted earnings to $3.15 billion which narrowly missed analysts expectations. Shares in NAB closed 0.89 per cent up at $34.14.
AMP Limited
(ASX:AMP) has lifted wealth management net cashflows by 72 per cent in the three months to March.
Net cashflows for the wealth management company also rose, rising from $211 million to $363 million. The report is aligned with the new business structure that came into effect at the start of the year under the company’s new CEO Craig Meller. Shares in AMP closed 2.7 per cent up at $5.32.
Qantas Airways Limited
(ASX:QAN) will shed 2,200 jobs by the end of June this year.
The announcement focussed on a restructure that hopes to create $2 billion in gross savings by 2017 and to reduce debt by $1 billion by 2015.
The YES consortium led by Asciano Limited
(ASX:AIO) has been chosen to design, build and operate a new iron ore export facility in Esperance in Western Australia.
Arrium Limited
(ASX:ARI) will cut 120 jobs at its Waratah base in Newcastle. As part of a restructure, by the steel and mining group, the cuts will be made by June this year.
Sandelwood producer TFS Corporation Limited
(ASX:TFC) will complete its first harvest in June 2014.
Best and worst performers
The best performing sector was materials adding 125 points to close at 10,097. The worst performing sector was consumer discretionary, losing 6 points to close at 1,818 points.
The best performing stock in the S&P/ASX 200 was Transfield Services Limited
(ASX:TSE), rising 7.25 per cent to close at $1.11. Shares in AWE Limited
(ASX:AWE) and Sirius Resources
(ASX:SIR) also closed higher.
The worst performing stock was G8 Education Limited
(ASX:GEM), dropping 5.17 per cent to close at $4.22. Shares in Beadell Resources Limited
(ASX:BDR) and Kathmandu Holdings Limited
(ASX:KMD) also closed lower.
Commodities
The price of gold is buying $US1,292.
Light crude is $1.27 higher at $US100.77 a barrel.
The Australian dollar is buying $0.9382
