The Australian stock market is in positive territory despite higher than expected unemployment figures.
The unemployment rate rose to six per cent in June – higher than the 5.9 per cent predicted by economists.
IG market strategist Evan Lucas said the market had halted briefly upon the release of the jobs figures.
But, he said a 0.1 per cent increase in the participation rate to 64.7 per cent could be seen as a good thing.
“If you actually look into the data, you saw the participation rate creeping up,” he told AAP.
“That could be seen as a positive.”
He also said resource stocks were having a positive day ahead of expected positive trade figures out of China.
BHP Billiton was up 11 cents at $37.36, Rio Tinto 36 cents higher at $62.50 and Fortescue Metals dropped two cents at $4.36.
The major banks were mostly lower, with ANZ down 15 cents to $33.03, Westpac 12 cents lower at $33.73, and Commonwealth Bank down 27 cents at $80.52.
The National Australia Bank gained six cents to $33.33.
Education provider Navitas was 24.5 cents, or 5.14 per cent, higher at $5.11, a day after the loss of a major contract saw its shares dive 30 per cent.
KEY FACTS
* At 1200 AEST on Thursday the benchmark S&P/ASX200 index had gained 6.2 points or 0.11 per cent, to 5458.7.
* The broader All Ordinaries index had lifted seven points, or 0.13 per cent, to 5449.2.
* The September share price index futures contract was five points lower at 5409, with 10,185 contracts traded.
* National turnover was 936 million securities worth $1.5 billion.
