Midday Market Analysis: Jobs Data Suprise
7th Jun 2012
Midday Market Analysis: Jobs Suprise
On the back of some monster international leads and better than expected jobs data, the Aussie market is enjoying a day in the sun.
The XJO is presently 60 points to the good, holding around 4115.
The gains are widespread, with every sector in the green.
Financials healthcare and consumer discretionary stocks are the best performers, whilst telcos and industrials are the weakest links.
In economic news, Australia’s jobless rate rose in May but employers surprised analysts by adding the most full-time jobs since November 2010.
The unemployment rate last month edged higher to 5.1% from a revised 5.0% in April, according to the Australian Bureau of Statistics.
The economy added 46,100 full-time jobs in May, with the net gain of 38,900 when the loss of 7,200 part-time positions was deducted.
Economists had expected the unemployment rate would rise to 5.1% for May but with the economy adding no net new jobs for the month.
In company news, BXB is down 4.5% after trading for the first time since it announced its $448 million capital raising and the aborted sale of its Recall business.
Around the region, Asian markets are all sharply higher; the Hang Seng is up 1.5% whilst the Nikkei is 1.3% stronger.
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Written by: marketpulse
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