Australian stocks gave up early gains in share prices after the unemployment rate hit its highest level in more than a decade.

News that the jobless rate was 6.0 per cent sent the ASX200 falling from gains of above 0.20 per cent to be flat.

However resources stocks are ahead and holding up the market due to positive export numbers in China overnight which was good news for its growth and therefore the miners.

IG market strategist Evan Lucas described the change in employment data as horrendous and disappointing.

The big four banks were mostly dragging on the market, despite Commonwealth Bank’s record half year profit and dividend announced on Wednesday, which many expected to triggered a rally in its share price.

Commonwealth Bank shares were down 21 cents at $75.99, National Australia Bank had dropped 16 cents to $33.99 and Westpac was 10.5 cents lower at $32.395 but ANZ had gained 5.0 cents to $31.03.

Telstra’s rise in half year profit to $1.7 billion and dividend hike were well receive.

Its shares were up 4.5 cents to $5.155.

Mining giant Rio Tinto was up 21 cents at $68.31 ahead of its afternoon full year results release.

KEY FACTS

* At 1215 AEDT on Thursday the benchmark S&P/ASX200 index had climbed 1.6 points, or 0.03 per cent, to 5,311.7 points.

* The broader All Ordinaries index was up 3.0 points, or 0.06 per cent, at 5,322.8 points.

* The March share price index futures contract was 4.0 points higher at 5,267, with 13,438 contracts traded.

* National turnover was 795.4 million securities worth $1.7 billion.