Australian Employers Look to Add Staff

Darlington Musarurwa
09 Mar, 2010
New York City

Australian benchmark index increased 0.3% after more employers looked to hire add staff in February. Australia

[R]3:00AM New York, 7:00PM Sydney – Australian benchmark index increased 0.3% after more employers looked to hire add staff in February. Australia’s job advertising increased 19.1% in the month. Business confidence rises in February.[/R]

Australian benchmark rose 0.3% as the country’s business confidence increased the most in four months in February and a private report indicated that employers are looking to hire more people in the month.

In Sydney trading ASX 200 Index advanced 0.3% or 12.2 to 4,820.10.

Of the ASX 200 index stocks, 91 rose, 84 dropped and 25 were unchanged. Sundance Resources led gainers in the index shares with a rise of 7.1% followed by Virgin Blue Holdings jumping 5.7%.

The Australian dollar climbed 0.01% to 90.88 U.S. cents.

Australia’s Job Adverts Rise 19.1%

Australia New Zealand Group reported today that the total number of jobs advertised in major metropolitan newspapers and on the internet rose by 19.6% to an average of 159,778 per week, but remained 2.3% lower than the same period a year ago.

Job adverts in major metropolitan newspapers advanced 13.1% to 9,947 per week in February after falling 16.6% a month ago. However, adverts jumped 14.9% than a year earlier.

Newspaper adverts rose in Western Australia 22%, South Australia 19.5%, Victoria 19.3%, but Queensland decreased 6.3%.

ANZ notes that internet job adverts advanced 19.6% to average 149,831 per week, falling 3.3% from the comparable year ago period.

ANC Chief Economist Warren Hogan said the growth in adverts in February suggest that the January’s decline “was probably just a seasonal anomaly.”

“In the near term, the forward indicators appear positive for more employment growth through the first half of 2010, although probably at a slower pace than seen in the past four months,” said Hogan.

Australia’s Business Confidence Soars in February

National Australia Bank said today that the country’s business confidence index advanced 4 points to -19 points in February.

Confidence rose in mining, retailing, wholesaling and transport, and also advanced in all major states except Victoria.

Business and trading conditions rose 5 points to +8 and profitability edged up 5 points to +7.

Forward orders jumped 10 index points to +6.

The NAB group chief economist Alan Oster said, “Results may reflect stronger global demand for commodities and the impact of higher interest rates on consumer spending despite the absence of the widely anticipated interest rate increase in February.”

ASX Movers

iSOFT Group Limited led the decliners in the S&P ASX 200 index with a loss of 5.6% followed by losses in Energy World Corporation Limited of 4.8%, in Intoll Group of 3.6%, in SP AusNet 3.2% and in Energy Resources of Australia Limited 2.9%.

Sundance Resources Limited led gainers in the S&P ASX 200 index with a rise of 7.1% followed by gains in Virgin Blue Holdings Limited 5.6%, in Pacific Brands Limited of 4.7% and in PaperlinX Limited of 4.4%.

Other Movers

BHP Billiton plc fell 0.2% to A$43.40 a day after it obtained 55% increase in iron ore prices for a shipment for the next three months. Rio Tinto Limited decreased 1.0% to A$76.15.

National Australia Bank Limited rose 2.0% to A$26.87.

Pacific Brands Limited the underwear maker added 4.7% to A$1.23 and SEEK Limited an Internet job-advertisement site increased 1.0% to A$7.55.

Virgin Blue Holdings Limited the airline advanced 5.6% to A$0.74.