Aust stocks gain after softer job report
Derek Rose |
The local share market has climbed to a fresh eight-month high after softer-than-expected jobs data showed the domestic economy slowing, raising expectations for less aggressive rate hikes from the Reserve Bank.
The benchmark S&P/ASX200 index closed on Thursday up 41.9 points, or 0.57 per cent, to 7,435.3, its best level since April 22. It barely eclipsed its previous high April 29 close of 7,435.0, considered a key technical level.
The All Ordinaries had gained 38.9 points, or 0.51 per cent, to 7,648.4.
The Australian dollar lost ground after the jobs report. It was buying 69.05 US cents, from 69.99 US cents at Wednesday’s ASX close.
AAP
