Booming business confidence and surging job ads have helped local shares edge higher for an eighth morning.
At lunchtime the ASX 200 was up 2 points or 0.05% at 4810 as the outlook for the economy continues to improve. Gains for financial stocks, up 0.3%, health +1% and consumer stocks +0.4% cancelled out falls in resource stocks this morning.
Job ads delivered their biggest increase in 11 years last month, according to ANZ's monthly survey. Jobs advertised spiked 19.1% in February, reversing an 8.1% slump in January.
"Total job advertisements are continuing to improve month on month from their cyclical low point last year," ANZ chief economist Warren Hogan said in a statement. "This has already translated into solid employment growth and reduced unemployment."
Business confidence hit a four-month high last month. The NAB business confidence index climbed four points to its highest level since November's seven-year high.
"These 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," NAB chief economist Alan Oster said in a statement.
Asian markets fell back. Japan's Nikkei slid 0.35%, Shanghai 0.7% and Hong Kong's Hang Seng 0.2%. Dow futures were recently at -9.
Crude oil futures drifted lower this morning, down 20 cents to $81.53 a barrel. The spot gold price was up $1.30 at $1,123 an ounce.
A very mixed morning here. Nice bounces in WGP and UGL but profits taken too quickly. Nursing minor paper cuts in LNG and ALT.
