SYDNEY: The Australian sharemarket has reversed three straight losses to be trading substantially higher at noon on strong employment figures and a surge in oil prices.
At 12.05pm (AEST), the benchmark S&P/ASX200 index was up 41.3 points, or 0.7 per cent, at 5949.7, while the broader All Ordinaries index added 42.1 points, or 0.72 per cent, to 5919.4.
In economic news, the Australian Bureau of Statistics released the official jobless rate, which smashed analyst expectations, dropping to 6.1 per cent.
The Australia dollar surged on the news, adding over half a US cent to be trading at US77.77c in the space of two minutes on the surprising jobs figures.
“The Australian sharemarket has reversed the negative start to the week with the local index powering ahead,” Quay Equities head of trading Tristan K’Nell said, with the jump in oil prices the catalyst behind today’s strong market.
