Stocks have resumed their upward march, supported by rising commodity prices and unexpectedly solid employment figures, but trimmed gains as the morning wore on.
At lunchtime the ASX 200 was up 33 points or 0.79% at 4298 but well off its mid-morning high of 4326. Property trusts took their lead from two strong days in the US, rising 1.8%. Also firmly ahead were metals & mining (+1%), materials (+1%) and financials (+1.1%).
Local unemployment held steady at 5.8% last month thanks to a surge in part-time jobs, beating economists' expectations of 6% unemployment.
Asian markets were mixed. The Nikkei rose 0.92%, while the Hang Seng gave up early gains and dipped 0.17%. Dow futures were recently at -25 and slipping. Oil and gold futures drifted marginally lower during the morning.
Here, this was one of those rare idyllic mornings when there was little to do but watch trades move as hoped - SFR, MEO, FRS and AMC all advancing. Took profits on FRS and traded a small bounce in PBG. Now I'm wracked with Calvinist guilt about not working hard enough.
Potential overnight holds: CCD is thinly traded but looks promising after today's market update. IIF has broken into blue sky. SFR and MEO if they hold these gains. Perhaps PAN if it drops into the 2.60s.
