Goodman lead Australian sharemarket to 10-month peak
THE Australian sharemarket was up nearly 1 per cent by early afternoon near a 10-month peak, led by property group Goodman.
The benchmark S&P/ASX 200 index was up 40.2 points, or 0.94 per cent, at 4339.6, after reaching 4347.9, the highest intraday price since October 14.
The broader All Ordinaries index had gained 41.2 points, or 0.96 per cent, to 4344.3.
“We had the better than expected jobs numbers in the US on Friday and, if nothing else, it shows that things have stabilised,” Macquarie Private Wealth associate director Lucinda Chan said.
“The market has already run hard, but you can't stop the momentum at the moment.”
On Friday, the US Labour Department said the country's unemployment rate unexpectedly had dipped to 9.4 per cent, its first decline in 15 months.
That sent US shares higher, with the broad market Standard & Poor's 500 index advancing 13.4 points, or 1.34 per cent, to 1010.48.
On the local market, the property sector led the gains, after Goodman Group said it successfully completed a $923 million institutional equity raising.
Goodman securities surged 13.5 per cent, or 6c, to 50.5c. It was also the most-traded stock by volume with 165.8m shares worth $86.4m changing hands.
“The support for the capital raising encouraged investors,” Ms Chan said.
Fellow property trusts gained. Australia's biggest property trust, Westfield, rose 33c, or 2.64 per cent, to $12.83, GPT Group added 2.5c, or 4.67 per cent, to 56c and Stockland increased 11c, or 3.49 per cent, to $3.26.
The major banks also supported the rise, with NAB gaining 13c to $25.63, ANZ increasing 18c to $19.56, Commonwealth Bank adding 6c to $44.51, and Westpac advancing 2c to $22.85.
In the currency market, the Australian dollar edged higher after the US jobs report lifted investor sentiment for growth assets, such as equities and commodities-driven currencies.
The local currency was trading at US83.90c, up from Friday's close of US83.86c.
The Aussie dollar has ranged so far today US83.31c to US83.97c.
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