Shares pare early losses after unemployment spikes
By Adrian Black
The S&P/ASX200 ended the day lower after a sharp sell-off in mining stocks. -AAP Image
Australia's share market has trimmed most of its early losses, after weaker than expected jobs data gave the Reserve Bank reason to think twice before its next interest hike.
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The S&P/ASX200 fell 8.2 points on Thursday, down 0.09 per cent, to 8719.7, as the broader All Ordinaries lost 28.6 points, or 0.32 per cent, to 8840.4.
The top-200 fell more than 80 points in early trade, but September's higher-than-expected 4.7 per cent unemployment print softened the local interest rate outlook, handing boosts to financials, communications and utilities stocks.
Investors continued to dump mining stocks, with the raw materials sector plummeting almost four per cent as elevated energy and borrowing costs continued to stifle confidence.
The Australian dollar is buying 69.54 US cents, down from 69.97 on Wednesday at 5pm.
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