MELBOURNE - The Australian share market posted its highest close so far for calendar 2009, finishing up almost two per cent on gains overseas and better local jobs data.
At 1615 AEST, the benchmark S&P/ASX200 was up 71.6 points, or 1.85 per cent, at 3938.7, while the broader All Ordinaries was up 72 points, 1.87 per cent, to 3912.1.
On the Sydney Futures Exchange, the June share price index contract was trading 58 points higher at 3923 on a volume of 32,273 contracts.
Macquarie Equities client adviser David Halliday said the sharemarket appeared to have made a sustained move higher.
"We followed on from the strong offshore leads and picked up on the better than expected employment data and ran to a new 2009 high," Mr Halliday said.
"It is a very strong market. The naysayers or the believers that this is only ever going to be a dead cat or bear market rally in the market are having to reconsider," he said.
"It is not really strong gains everywhere. Telcos are down, part of healthcare are down. Most of the sectors are in fact flat.
"Property trusts are much weaker. The banks are mixed, it is not broad based," he said.
Global miner BHP Billiton closed up $1.79 at $35.69, while rival Rio Tinto finished $1.93 stronger at $71.04.
New employment data on Thursday showed a surprise dip in Australia's unemployment rate.
Economists were taken by surprise by the news that brought the nation's jobless rate to a seasonally adjusted 5.4 per cent in April, down 0.3 percentage points from the previous month.
Pundits had predicted the ABS data would show a rise in the unemployment rate to 5.9 per cent, from 5.7 per cent.
Overnight the Dow Jones Industrial Average strengthened 101.63 points, 1.21 per cent, to be 8,512.28.
Stock Move Price AMP -0.230 5.260 ANZ Bank -0.010 16.630 BHPBilton +1.790 35.690 CBA +0.060 36.080 NAB +0.250 22.120 NewsCorp +1.270 14.560 Polartech +0.005 .130 Rio Tinto +1.930 71.040 TelstraCp -0.010 3.240 WestpacBk +0.350 20.310 Woolwrths -0.020 26.140
- AAP
<i>Australian stocks:</i> Closing high after jobs news, overseas gains
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