Australian Stock Market Report – Afternoon 2/10/14

EVENING REPORT
(5pm AEDT)

The Australian share market had a solid start to the trading week, on the back of solid gains on Wall Street on Friday night.

January non-farm payrolls (jobs) numbers were released on Friday in the US and came in weaker than expected, however the unemployment rate dropped to a five year low of 6.6 per cent thanks to a pick-up in private sector employment.

Gains from mining and banking players helped out market today with the All Ordinaries Index (XAO) adding one per cent by close to 5236.5 points.

In company news, OzForex Group (OFX) has confirmed it is in talks to potentially acquire UK rival HiFX Group. OFX shares rose almost 6 per cent today to $3.17.

Childcare centre operator G8 Education Limited (GEM ) rose 6.4 per cent to $3.50 after announcing it planned to expand its portfolio.

Services provider Forge Group (FGE) again showed volatility, rising almost 12 per cent to 91.5 cents. FGE shares have dropped 47.4 per cent so far this year.

On the market overall, a total of 1.7 billion shares changed hands, worth $4.2 billion. 511 were up, 421 were down and 392 were unchanged.

At 4.30pm AEDT the SFE 200 Futures Index was at 5168, up 46 points.

The Dow Jones Futures Index was at 15,739.

The Australian dollar was buying US89.37c, £0.5466 and €65.6c.

No major economic data is due for release on global markets tonight.

Tomorrow hearing implant maker Cochlear (COH) and global manufacturer Bradken (BKN) are due to release earnings.

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