The Australian share market was in the black at noon following better-than-expected employment data and as the Australian dollar soared to 14 month highs, with banks a stand-out performer.
All Ordinaries index had gained 67.6 points, or 1.44 per cent, to 4763.5.
Some analysts are saying "Stronger than expected job numbers has lifted the overall market while the Australian dollar has hit 90 US cents for first time in 14 months. We're seeing really good gains coming through from all the banks today"
The ABS has released data showing an increase in employment of 40,600 in September, taking the unemployment rate down to 5.7 per cent.
Westpac Banking Corporation (WBC) has lost a case against the New Zealand tax office in the New Zealand High Court. The bank will now have to pay NZ$961 million in taxes and interest to the Inland Revenue Department. The New Zealand Commissioner of Inland Revenue disputed the tax on nine transactions that took place between 1998 and 2002. Westpac shares rose 1.65 per cent to $25.93.
The best performing sector at midday is the Consumer Discretionary index which gained 24 points to 1,603. Shares in ARB Corp advanced 8.7 per cent to $5. Shares in Fairfax Media and APN News & Media are also higher at midday.
One of the only sectors in the red at midday is the Telco Services index, down 6 points at 1,123.
Gold is trading at $1048.10 US an ounce and the Aussie dollar is trading at 90.02 US cents.
9 October China Markets Closed Japan Machine Orders, Aug NZ Card Spending, Sep UK Producer Price Index, Sep UK Trade Balance, Sep US Trade Balance, Aug
FLX Ex Div. 50c MTU Ex div. 3.0c NCI Ex div. 1.0c SEV Ex Div. 17c
Bought BXB 6000 $6.92 JP morgan thinks the move to spend more on pallet repairs will improve product quality.Their target $8.20.
