The Australian share market is slightly higher as the big banks gained ground after the release of a better than expected jobs report.
The local market bounced after the release of a 5.9 per cent unemployment rate for October, and the creation of more than 58,000 new jobs.
But falls in materials stocks put a lid on gains.
Bell Direct equities analyst Julia Lee said the big banks were performing well despite some recently trading ex-dividend.
“The performance this afternoon is much better than we had this morning,” Ms Lee said.
“It hasn’t been a good day in terms of the materials and energy stocks but the banks are holding up the market.”
Santos shares suffered heavy falls on Thursday, two days after the oil and gas producer announced it will raise $3.5 billion through share and asset sales.
Shares in the company dived 16 per cent to $4.30.
A lower oil price also hurt Santos and pushed Oil Search and Woodside Petroleum down by more than one per cent.
Consumer stocks Telstra and Wesfarmers were also lower.
All of the banks were stronger, with Commonwealth Bank up 1.8 per cent to $77.40 and ANZ lifting 1.56 per cent to $26.64.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was 3.1 points, or 0.06 per cent, higher at 5,125.7
* The broader All Ordinaries index was up 0.9 points, or 0.02 per cent, at 5,182.0.
* On the ASX 24, the December share price index futures contract was three points higher at 5,131, with 23,115 contracts traded.
* At 1615 AEDT, national turnover was 2.53 billion securities worth $5.1 billion.
