Surprise Jobs Report in Australia Lifted Indexes, Woolworths in Focus

Marcus Jacob
13 Mar, 2014
New York City

Australian stocks gained after the domestic economy created more than expected jobs last month. The economy created net 47,300 jobs and jobless rate held at 6%. The labor participation rate increased to the high in a year to 64.8%.

[R]5:00 PM Sydney – Australian stocks gained after the domestic economy created more than expected jobs last month. The economy created net 47,300 jobs and jobless rate held at 6%. The labor participation rate increased to the high in a year to 64.8%.[/R]

Australian markets advanced after the release of jobs report and the economy created more than expected jobs last month.

The Australian Bureau of Statistics reported the economy added 47,300 jobs in February and the unemployment rate remained at 6% and the participation rate increased to 64.8%, highest since last year.

Australian dollar closed at 90.68 U.S. cents and stock market trading turnover fell to 787 million shares worth $4.5 billion.

The ASX 200 index increased 28.40 or 0.5% to 5,412.60 and the broader All Ordinaries gained 28.60 to 5,429.10.

Stocks in Review

Rio Tinto jumped $1.68 or 2.7% to $63.07. BHP gained 41 cents to $36.40. Woodside Petroleum Limited added 17 to $38.53.

Westpac increased 31 cents to $34.25.

DEXUS Property Group slid 0.5% to $1.06 after the property developer will sale Wacol Industrial Estate and estate in Archerfield of Queensland and use the funds to repay the debts.

Woolworths Limited increased 1.1% to $36.84 after the supermarket retailer plans to open 108 new stores including Dan Murphy’s, BIG W and Masters and plans to add almost 7,000 jobs in this financial year.