PERTH: The Australian sharemarket has reversed three straight losses to close substantially higher, despite paring gains following surprisingly strong employment figures.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index was up 39.1 points, or 0.66 per cent, at 5947.5, while the broader All Ordinaries index added 40.3 points, or 0.69 per cent, to 5917.6.
In local economic news today, Australian Bureau of Statistics data showed the jobless rate dropped to 6.1 per cent, smashing analyst expectations.
The Australia dollar surged to a three-week high on the news, adding over half a US cent to be trading at US77.77c in the space of two minutes on the surprising figures.
The benchmark index rallied as high of 5970.8 points, or a 1.06 per cent lift, after the unexpectedly strong data was announced before slipping back in afternoon trading.
