Australian Unemployment Rate in June at 11-year High

Marcus Jacob
10 Jul, 2014
New York City

Australian stocks rebounded after a sharp fall of 1% in yesterday

[R]5:00 PM Sydney – Australian stocks rebounded after a sharp fall of 1% in yesterday’s session and June unemployment rate increase to an 11-year high. Aussie dollar slipped. Transurban Group said annual revenue soared 13%.[/R]

Australian stocks advanced and the unemployment rate in June increased to a high not seen in eleven years.

The Australian Bureau of Statistics reported unemployment rate in June climbed 6%, the highest level in 11 years after weak consumer sentiment and weighed on business hiring plans.

Australian dollar slipped to 93.95 U.S. cents and stock trading turnover rose to 685 million shares worth $4.11 billion.

ASX 200 index gained 11.90 or 0.2% to 5,464.40 and the broader All Ordinaries rose 12.10 to 5,454.30.

Stocks in Review

Fairfax Media Limited climbed 3.3% to 94 cents after the media and broadcasting company said The Domain Group plans to acquire Canberra-based online property portal All Homes Pty Ltd for $50 million.

My Net Fone Limited climbed 5.9% to $2.70 after the broadband and cloud based communications services provider agreed to acquire business and intellectual property of wholesale telecommunications enabler iBoss for $1.4 million in cash.

The company forecasted fiscal 2015 earnings to increase to $250,000.

Northern Star Resources Ltd soared 5% to $1.58 after the gold miner said production and sales in quarter ending in June from Paulsens, Plutonic, Kundana and Kanowna Belle mines increased to 115,819 ounces.

Transurban Group gained 0.4% to $7.58 after the toll road network operator reported toll revenue for the year ending in June soared 13% to $906.5 million and proportional toll revenue climbed 12.6% to $1.12 billion a year ago.

For the June quarter, toll revenue jumped 13.1% to $234.1 million and proportional revenue surged 11.8% to $286.7 million.

The company said revenue for the 495 Express Lanes in the U.S. reached a new daily high of US$161,945 on May 29 with an average daily revenue surging 100.3%.