Aussie sharemarket continues to gain some ground: Afternoon market insights

The Australian sharemarket has continued to gain some ground, with today’s employment numbers helping push the market up.

Sales trader at CMC Markets, Ben Taylor said that “despite the jobless rate rise to 5.1%, 46,000 new full-time jobs were created taking the string of new jobs created this year to 117k.”

At 3.30pm today the ASX reached 4108.30, an increase of 1.31%. While the broader All Ordinaries index gained 1.25% to hit 4155.70.

Surprisingly, international markets have rallied.

Rumours of European policy makers bailing out Spain’s banking sector and speculation of a Chinese rate cut are what Taylor believes had the markets “running hot”.

The Australian dollar rose again, buying 99.51 US cents.

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