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Market Update

Australian Indexes Rise 1%, Jobless Rate Steady at 6.1%

Author: Marcus Jacob
Last Update: 12:10 PM ET October 09 2014

5:30 PM Sydney Australian stocks trade higher after dovish comments from the U.S. Federal Reserve Bank. National Australia Bank issued profit warning and estimated net to fall to short by 14%. Bank of Queensland Limited said cash earnings increased 20% to $301 million.

Australian investors looked to overseas development ahead of domestic earnings season next week.

Market indexes soared 1% after the U.S. Federal Reserve indicated interest rates are likely to stay low in the near future despite the end of bond buying this month.

The dovish comments from the U.S. Fed bolstered the sentiment in Asian markets and resource sector.

Australian jobless rate held steady at 6.1% and the economy suffered net loss of 29,700 jobs in September, Australian Bureau of Statistics reported today.

The statistics agency also revised its August jobless rate down to a loss of 32,100 from the previous estimate of an increase of 121,000.

ASX 200 Index increased 55.4 or 1.1% to 5,296.70 and broader All Ordinaries Index added 51.7 or 1% to 5,293.30.

In stock trading, 729 million shares changed hands worth $4.49 billion and banks led the most actively traded list.

Australian Stock Movers

Rio Tinto declined 0.1% to $59.03 and the company said it has finalized the sale of its Mozambique coal assets for $50 million to International Coal Ventures.

BHP Billiton increased 1.2% to $33.22.

Commonwealth Bank of Australia increased 1.6% to $76.23, Westpac Banking Corporation added 1.8% to $32.87. ANZ Banking Group increased 1.7% to $31.82

National Australian Bank advanced 1% to $32.47 and the bank warned its annual cash profit is expected to fall short 14% on larger than expected charges in the UK, deferred tax asset provision and higher than expected impairment of capitalized software.

Telstra Corp added 0.8% to $5.40.

Wotif.com Holdings Limited increased 0.6% to $3.30 after 99% of shareholders voted in favor of the takeover offer from the U.S. based Expedia.

The company also offered one-time dividend of 24 cents on the condition that the merger will be effective and the dividend will be paid on Oct 20.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc