3:00AM New York, 7:00PM - Australian unemployed persons surged 24.7% in March. Bank of Queensland net profit plunges 25% to A$46.3 million in H1.

Australian stocks climbed on the back of a rise commodity prices. Crude oil prices gained 0.5% to $49.40 per barrel and gold prices edged up 0.3% to $885.9 per ounce.

In Sydney trading ASX 200 index rose 1.4% or 52.1 to 3,671.60.

Of the ASX 200 index stocks, 155 gained, 39 declined, and 7 were unchanged. Aquarius Platinum Resources led gainers in the index shares with a rise of 43.6% followed by Aquarius Platinum gaining 15.4%.

Australian Unemployed Persons Surge 24.7% in March

Statistics Bureau of Australia reported today that the number of unemployed persons in seasonally adjusted terms surged 24.7% from a month earlier, but soared 33.3% from a year ago to 612,000 in March. Total number of employed people declined 5% from February to 10.792 million or increased 0.4% from a year ago month.

Full-time employment declined by 38,900 to 7.6 million and part-time employment advanced by 4,200 to 3.2 million.

The number of seasonally adjusted unemployed persons in the period rose 52.9% in the month and 44.3% from a year earlier to 650,000.

In addition, persons looking for full-time work increased by 28,500 to 460,400 and the number of persons looking for part-time work increased by 24,300 to 190,500.

The unemployment rate increased by 0.5 percentage points to 5.7%, as the male unemployment rate increased by 0.5 percentage points to 5.7% and the female unemployment rate increased by 0.4 percentage points to 5.7%.

Bank of Queensland Profit Declines 25%

Bank of Queensland reported today net profit in the first half ended February 28 dropped 25% to A$46.3 million from A$61.7 million a year ago.

Impairment of loans and advances increased to A$27.6 million in the period, while the group’s net interest margin declined to 1.5% from 1.67% in the six month period to August 31 last year.

The lender also lowered its interim dividend to 26 Australian cents a share from 35 cents a year earlier.

Gainers & Losers

Aquarius Platinum Resources led gainers in the ASX 200 index shares with a rise of 43.6% followed by increases in Aquarius Platinum of 15.4%, in PanAust Ltd. of 13.2%, in Ausenco of 12.9%, and Envestra Ltd. of 12.3%.

Commodity stocks increased as crude oil prices gained 0.5% to $49.4 per barrel and gold prices soared 0.3% to $885.9 per ounce.

Adelaide led decliners in the ASX 200 index shares with a fall of 5.7% followed by losses in Bank of Queensland of 5.2%, in Lynas Corp. of 4.8%, in Sundance Resources of 4%, and Babcock & Brown of 3.6%.

Bank of Queensland fell after its net profit in the six months ended February 28 fell 25% to $46.3 million.

Asian Markets Review

BHP	$62.60	-1.06%

click on symbol for profile