logo-loader

Wall Street shares lifted after jobs numbers smash expecations

Last updated: 08:47 08 Nov 2013 EST, First published: 09:47 08 Nov 2013 EST

no_picture_pai

Shares on Wall Street were advancing after a report showed job creation was far higher last month than had been expected.

The US added 204,000 jobs, which was double what the market had expected. It showed wide spread hiring acoss almost all industries.

The report spooked investor sentiment as shown by the Wall Street futures as it now puts tapering of Fed stimulus measures, ie, cutting back, very much back on the cards.

But US markets appeared stable.

It also comes on the back of US GDP data yesterday, which showed growth in the latest quarter at 2.8% was better than expected.

The benchmark Dow Jones advanced 12 points, while Nasdaq added 18.  The broader S&P 500 added three points to stand at 1,750.

On S&P, clothes groups appeared to be under the investors spotlight Ralph Lauren was the biggest gainer, adding 5.5% to stand at US$180.52, while Abercrombie & Fitch was the biggest loser, dropping 13.5%.

In the UK, the top share index was down 25 points, or 0.36% , to 6,673.

Among the big company movers, IPOs continued to dominate the headlines with many jaws still on the table after Twitter’s astonishing debut yesterday. 

Shares in the social media group rose 73% from their issue price of US$26 to just under US$45, valuing the group at US$25bn.

In the UK, it was Merlin Entertainments' turn to impress as shares in the theme park operator opened at 342p in conditional dealing, compared to an issue price of 315p. Another recent listing, Royal Mail (LON:RMG), meanwhile, eased lower to 556p.

Elsewhere, British Airways owner IAG underlined what a potent combination lower fuel costs, job cuts and more passengers can be for an airline.

Shares in IAG (LON:IAG), which owns BA and Spanish carriers Iberia and Veuling,  jumped 5.82% and topped the Footsie risers as it revealed a 156% rise in third quarter profits.

Continuing the aerospace theme, aeroengine maker Rolls-Royce (LON:RR.) thrust higher as it forecast modest growth in underlying revenue and good growth in underlying profit in the current year with cash flow around breakeven. Shares rose 2.56%.

Among the small caps, Victoria Oil & Gas (LON:VOG) rose 9.27% as it tied up a second brewery site to its expanding gas supply network in Cameroon’s second city, Douala.  This means VOG is supplying local businesses with around 2.9mln cubic feet a day and has hit the break-even mark in Cameroon.

Condor Gold (LON:CNR) received a more cautious response to the latest resource statement from its La India project in Nicaragua. The update highlighted an increase in the amount of gold in the higher confidence indicated category as well as an expansion of the open-pit portion. Shares, though, dipped 17.21%.

Finnish miner Talvivaara (LON:TALV) was under pressure as it warned the slide in the nickel price has squeezed its cash position. It is currently in advanced discussions over a financing solution. Shares were almost 13% lower at 6.13p.

Coniagas Battery Metals secures new key ground with focus on...

Coniagas Battery Metals (TSX-V:COS) CEO Frank Basa joined Steve Darling from Proactive to announce the company's strategic acquisition of key ground near SOQUEM’s Cardinal Property, located 80 km southeast of Chibougamau, Quebec. This acquisition underscores Coniagas’ commitment to capitalizing...

35 minutes ago