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Markets Live: Shares rebound after jobs

Date

Australian shares close higher after better than expected jobs figures, with miners, Telstra and NAB leading the gains.

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  • "Australia's construction sector contracted further in January, marking the industry's 32nd consecutive month in decline."

    Yep it's all because Mirvac has a new CEO. What a goose.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    February 07, 2013, 5:29PM
    • Because jobs provide a clue as to the health of the local economy. Improving or worsening job markets dictate whether you'll go long or short in various market segments. Open a trading account? Only those who have capital to work with can do that, and the vast majority of Australians don't have 5, 6 or 7 figures to play with like some. In fact, most are in debt with mouths to feed and have zilch in the kitty.

      Commenter
      Gordon Gekko
      Date and time
      February 07, 2013, 4:22PM
  • Interesting the ire that Abbott's discussion paper appears to be generating...

    We need to remember that this was an internal discussion paper that was nowhere near ready for public discussion and was leaked... personally I'd rather an opposition that is actively looking to develop policies for Australia's economic development rather than one who says and does nothing...

    Happy to wait for the polished version before passing judgement myself...

    Commenter
    A Bodhi Nuisance
    Date and time
    February 07, 2013, 4:15PM
    • Job, jobs, jobs. Why is everyone obsessed by them or their numbers? Aren't we all traders these days? Aren't we all investors and speculators? Who needs jobs, who needs education? Trade trade trade, that's the answer. If you're currently working...Stop! Open a trade account now!

      Commenter
      Dan
      Location
      Sydney
      Date and time
      February 07, 2013, 4:05PM
      • Because jobs provide a clue as to the health of the local economy. Improving or worsening job markets dictate whether you'll go long or short in various market segments. Open a trading account? Only those who have capital to work with can do that, and the vast majority of Australians don't have 5, 6 or 7 figures to play with like some. In fact, most are in debt with mouths to feed and have zilch in the kitty.

        Commenter
        Gordon Gekko
        Date and time
        February 07, 2013, 4:22PM
    • Regarding Jezza's comment: "Let's not all forget that the government does not include people on Newstart as being unemployed". The ABS produces the unemployment rate from a large survey across all household types which is independent of Newstart data or any other social services or administrative collection. For example, when my wife was unemployed she would be included in the ABS definition of unemployed but she did not apply for any benefit (b/s I earn too much) so would not appear on any Newstart or welfare database. See abs.gov.au and click on Labour Force.

      Commenter
      Roger
      Date and time
      February 07, 2013, 3:59PM
      • The scary part is that so many employers surveyed in the US are much happier now than before the GFC as they were forced to adopt efficient measures which resulted in the need for fewer employees.

        Watch this catch on in Australia over the next few years.

        Julia, have you tucked away enough cash on the side for all the extra social requirements?

        Commenter
        Opinion Only
        Location
        Melbourne
        Date and time
        February 07, 2013, 3:39PM
        • Let's not all forget that the government does not include people on Newstart as being unemployed (when they clearly are). With the plan to recategorise more dole collectors as on Newstart, watch the rate continue to 'miraculously' stay the same.

          Real number is certainly over 8%.

          Commenter
          jezza
          Date and time
          February 07, 2013, 3:19PM
          • Surely this is not from the same government that expects high standards of corporate governance and reporting in this country?

            Same rulebook for all thanks!

            Manipulation and deceit belong with Lance Armstrong and his cohorts. We expect nothing but the best from public officials.

            Commenter
            Opinion Only
            Location
            Melbourne
            Date and time
            February 07, 2013, 4:05PM
        • Hmmm, who has a more credible and correct analysis.

          12:11 pm - Paul Bloxham

          OR

          2:20 pm - Shane Oliver

          Yes, the latter as unemployment is not steady, it has been trending up for some time if you looked into the numbers correctly.

          Cost cutting and falling investment is the theme in our strongest growth sector for this year. How are the other sectors doing?

          Commenter
          Opinion Only
          Location
          Melbourne
          Date and time
          February 07, 2013, 2:42PM
          • "Mirvac has been forced to write down some Queensland and Western Australian residential projects by $273.2 million, reflecting the tough housing markets and bad weather in the past two years.

            www.theage.com.au/business/mirvac-issues-massive-wa-queensland-writedown-20130207-2e0as.html#ixzz2KAz5y9K9

            Hang on, property is going gangbusters in WA due to the shortgae isn't it?

            Commenter
            Allan
            Location
            Prahran
            Date and time
            February 07, 2013, 1:25PM
            • Allan, you'd probably be the only person on here that doesn't know that when a new chief executive comes in, it's accounting 101 to write down the value of assets to smooth the way for good looking profits in the years ahead. Stockland will do the same thing when they report next week, as they also have a new CEO on board. No wonder you have to dream, as you don't have a clue.

              Commenter
              Balanced
              Date and time
              February 07, 2013, 3:55PM
            • Nope not freaming at all and your explanations are becoming more and more far-fetched.

              Commenter
              Allan
              Location
              Prahran
              Date and time
              February 07, 2013, 5:15PM
            • Oh and Mirvac is trading at half its 1999 level. New CEO. ROFLMAO!

              Commenter
              Allan
              Location
              Prahran
              Date and time
              February 07, 2013, 5:21PM
          • We really put the frighteners into those cochlear natives, what ! Those well timed negative comments and salvos of share dumping every time they showed resistance broke their spirit. Cheap conquest. Fifteen percent off from a company showing powerful unit sales growth and only missing the analysts consensus by a slight margin, text book stuff say I. Jolly good show chaps. Well done!

            Commenter
            Another share shakedown by the big guns
            Date and time
            February 07, 2013, 12:47PM
            • "Australian shares are back in black after the ABS released better than expected jobs figures"

              :eek what will the chicken little's focus on now??? Not so bad after all in good old aus? No, I forgot, it's always bad.
              There's got to be some bad things the D+G brigade can feed on.
              Who'd a thunk?
              Yikes, what will that do to house prices!!

              Commenter
              Pete
              Location
              Prahran
              Date and time
              February 07, 2013, 12:35PM
              • Yes many are easily fooled by the headline unemployment rate. The composition is what is important.

                9,800 ulltime full time jobs lost and participation rate is lower and hours worked is also falling.

                "It looks like unemployment is trending up. Given weakness in retail sales, I think the RBA will cut in March."

                www.theage.com.au/business/jobless-rate-holds-steady-as-parttime-jobs-jump-20130207-2e038.html#ixzz2KAsSsRfH

                Commenter
                Allan
                Location
                Prahran
                Date and time
                February 07, 2013, 1:08PM
              • Shane Oliver: "If the Aust participation was still at its 2011 average of 65.5% rather than 65%,the unemployment rate would have been 6.1% in Jan, not 5.4%"

                Says it all really.

                Commenter
                Allan
                Location
                Prahran
                Date and time
                February 07, 2013, 2:48PM
              • Here we go again. Two years ago they were telling us how by now the problem would be a shortage of workers.. Sure unemployment is down, sure there has been an increase in the rate of permament immigration, but the hours worked is down, the numbers in casual work is up, and participation rate is very definitely down. Sure the soft retail is only part of a much bigger picture of consumer spending but one of the areas that was strong a year ago - eateries and bars - has been soft of late. People are starting to pull back on their little daily luxuries. Maybe some of those "not participating" are starting to get worried about their dwindling savings?

                Commenter
                Catch 22
                Date and time
                February 07, 2013, 3:18PM
            • Is there any good news on SIGMA? Why the jump of 3 cents yesterday? Any clues anyone?

              Commenter
              pest from the west
              Location
              Upper Lowood Qld 4311
              Date and time
              February 07, 2013, 12:31PM
              • Sigma has entered into a MOU with Pharmacy Alliance to open at least 30 new Amcal stores (the announcement can be viewed in the usual places. Sorry, can't post link as these places require you to be logged in to view).

                Commenter
                El Toro
                Location
                Barcelona
                Date and time
                February 07, 2013, 3:28PM
            • What's going on with JB Hifi Ltd? Up 5% yesterday and nearly up 5% today as well with no announcements?

              Commenter
              michaelc
              Date and time
              February 07, 2013, 11:52AM
              • We bought a small tv from them on Monday - so the share price jumps on our purchase.

                Commenter
                Retd1
                Date and time
                February 07, 2013, 2:21PM
              • Michael, re:JBH - Results weren't bad (discounting wars abating, better placed than many retailers), plus UBS became a substantial holder & have a buy rating on it

                Commenter
                El Toro
                Location
                Barcelona
                Date and time
                February 07, 2013, 5:04PM
            • "Businesses have recorded their toughest three months of trading since the Australian economy was emerging from the depths of the global financial crisis (GFC), a survey shows.

              The National Australia Bank’s (NAB) quarterly business survey, released on Thursday, showed both conditions and confidence deteriorated to levels not seen since the first half of 2009."

              http://www.theage.com.au/business/the-economy/business-conditions-worsen-despite-rate-cuts-20130207-2e056.html

              So much for the impact of interest rate cuts. The current Pollyanna rally is not supported by earnings.

              Commenter
              Allan
              Location
              Prahran
              Date and time
              February 07, 2013, 11:52AM
              • Every day is a good day . Better days are when the index points up! Go Pollyanna you good thing!

                Commenter
                Stephen
                Location
                Blackburn
                Date and time
                February 07, 2013, 12:51PM
              • Sure but don't complain when you're left holding the bag.

                Commenter
                Allan
                Location
                Prahran
                Date and time
                February 07, 2013, 1:10PM
              • True, but current PEs are still below long term averages and PEs often run a bit higher in low rate environments so potentially still some upside. That said, 5000 is a major resistance level. Not sure there's the momentum to get through it yet.

                Commenter
                Life Is Good
                Location
                The Real World
                Date and time
                February 07, 2013, 1:19PM
            • Leighton have been awarded another contract and true to form the share price drops 1%.

              Commenter
              Retd1
              Date and time
              February 07, 2013, 11:18AM
              • Goodmorning all, can anyone advise what the story is with ORG. I read the announcments but did not pick anything up to explain such a quick and large drop. Or is it just another case of sense and insensibility.

                Commenter
                Another Grump
                Location
                Vic
                Date and time
                February 07, 2013, 10:50AM
                  • Origin and Chevron are building a $20B plant in Gladstone. Costs are blowing out and the price of LNG has been effectively slashed by 30%.

                    And news today:

                    "Unions have widened their campaign against Shell's plans for more floating LNG projects in Australia, saying the move would cost jobs and the Federal Government should slug petroleum giants higher royalties to discourage the massive offshore vessels.

                    The latest battle comes amid speculation Shell has begun shopping its 6.4 per cent equity stake in Chevron's Wheatstone project for fears it will suffer similar blowouts to the $52 billion Gorgon venture, amid exploding costs in WA."

                    http://au.news.yahoo.com/thewest/business/a/-/wa/16082171/union-anger-over-floating-lng-plan/

                    and

                    "The operator of Japan’s crippled Fukushima nuclear power plant said Wednesday it plans to buy 800,000 tons of light liquefied natural gas (LNG) annually from the United States as it looks to cut its fuel bills."

                    "The company has secured annual two million tons of light LNG, including the 800,000 tons from the Cameron project,” TEPCO said, adding the move would cut present LNG costs by about 30%."

                    I was criticised for my views on LNG as late as a few months ago. Every insisted that Asian LNG prices are linked to oil. That link has now been shown to be false. The global energy picture has been completely changed by the shale gas revolution.

                    Commenter
                    Allan
                    Location
                    Prahran
                    Date and time
                    February 07, 2013, 11:49AM
                  • Not sure if its the reason but AFR has suggested a possible profit warning soon

                    Commenter
                    Life Is Good
                    Location
                    The Real World
                    Date and time
                    February 07, 2013, 11:54AM
                  • AFR article painted a negative picture this morning: The first bit here:

                    "After an aeon as one of the safest profit performers, Origin Energy appears to be at risk of a second earnings downgrade in little more than three months."

                    Commenter
                    Gordon Gekko
                    Date and time
                    February 07, 2013, 12:41PM
                • Jonaze: And it was back out of the red at 10-20 and back in at 10-30. Are these vicious 5 point swings really a harbinger of financial doom??

                  Commenter
                  DanAlso
                  Date and time
                  February 07, 2013, 10:36AM
                  • Absolutely Dan, Each time the market goes down 1 point I lose $200.00. so would prefer as you would expect for the ASX to go back to 6000 again very soon.

                    Commenter
                    Jonaze
                    Location
                    Sydney
                    Date and time
                    February 07, 2013, 12:55PM
                • IMF predicts India GDP growth to drop to 5.4% this year.

                  Commenter
                  Gooblie
                  Date and time
                  February 07, 2013, 10:18AM
                  • Poor NPAT results are the rage with Australian companies.

                    Foreign investors pushing down stock prices? Capital Flight? Who knows?

                    The AUD is falling, that's the only reliable measure.

                    Commenter
                    Gooblie
                    Date and time
                    February 07, 2013, 10:15AM
                    • NAB's profit is down 20% from a year ago yet the stock is trading about 20% HIGHER?????

                      Commenter
                      geoff
                      Location
                      burraneer
                      Date and time
                      February 07, 2013, 10:14AM
                      • geoff you took the words right out of my mouth or fingertips, I'm looking at COH still going down because it disappointed the market, yet NAB actually posted a loss, and the market cheers. Really confused,

                        Commenter
                        whattttttt
                        Date and time
                        February 07, 2013, 10:36AM
                      • Yes, why do you find it surprising? Before the GFC, the US was full of cash from China (their huge trade surplus) & others; where to put all that cash? Cash everywhere! Where to invest it all? Anywhere really, just as long as it goes somewhere and not sitting in a bank account earning little. So...Properties (esp sub-prime), credit cards, lending to all, we know the rest. NOW, it's no different, except the flood of money is coming from the central bankers, freshly printed...so much Cash, Cash everywhere! what do with it all? Put it into stocks, even if earning little. The result to come? stick around and enjoy the outcome, it will be lots of fun (pain for most).

                        Commenter
                        Dan
                        Location
                        Sydney
                        Date and time
                        February 07, 2013, 10:41AM
                    • There you go. Right on time. At 10.11am ASX200 goes into the red. Unbelievable.

                      Commenter
                      Jonaze
                      Location
                      Sydney
                      Date and time
                      February 07, 2013, 10:12AM
                      • 10:11? Have you revised your forecasts? It was always 10:10.

                        Something very OCD about this.

                        Commenter
                        cranberry
                        Date and time
                        February 07, 2013, 11:37AM
                      • Yes Cranberry, The sellers are getting a little slow in their old age.

                        Commenter
                        Jonaze
                        Location
                        Sydney
                        Date and time
                        February 07, 2013, 12:52PM
                    • Is Minister Burke going to approve ANY mining projects this year? this is the 4th one he has delayed. What the HELL is going on over there? First Toro, then BHP now whitehaven and now gas exploration in sydney. What the HELL is going on over there.

                      Commenter
                      bondiboy23
                      Date and time
                      February 07, 2013, 10:01AM
                      • They are being punished by JG for fighting over the mining tax and the carbon bulls&^%. They wont have long to wait though.

                        Commenter
                        Another Grump
                        Location
                        Vic
                        Date and time
                        February 07, 2013, 1:16PM
                    • Spi up 7 points ASX 200 in the red by 10.11am.

                      Commenter
                      Jonaze
                      Location
                      Sydney
                      Date and time
                      February 07, 2013, 9:39AM

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