Local shares were moderately stronger at lunchtime in choppy trade after the unemployment rate edged higher.
At 1pm, the ASX 200 was up 10 points or 0.22% at 4830, with most sectors little changed. Telecoms led the gains, up 2.1%, as defensive sectors benefitted from a modest move away from cyclical sectors.
Februarys unemployment rate was 5.3%, broadly in line with forecasts, but a downward revision to the January rate to 5.2% meant the rate rose last month. A net increase of just 400 jobs meant February was the weakest month since August.
There was better news for the mining sector with confirmation that strong demand from Asia drove exports of iron ore and coal to record levels in the December quarter. Iron ore export topped 98 million tonnes and coal exports around 74 million tonnes, according to ABARE's mineral statistics December quarter 2009 report.
Shares in Myer, Australia's largest department store chain, were steady despite a warning from the company that sales could be flat in the next six months. The company maintained its earnings outlook.
Asian markets advanced ahead of the 1pm release of monthly Chinese economic news. Japan's Nikkei climbed 0.8%, Shanghai 0.4% and Hong Kong's Hang Seng 0.6%. Dow futures were recently at +4.
Crude oil futures slipped 13 cents to $81.79 a barrel this morning. The spot gold price was $2.60 stronger at $1,110.40 an ounce.
There has been good intraday volatility in the builders lately. The big boys have been running them down and then back up again. I had dips in DOW and JHX this morning near the lows. I'm nursing a crashing hangover so that may be it for the day...!
