Australian shares up

Australian shares rose 0.3 percent to a near six-year high on Thursday as a rally on Wall Street and an upbeat local jobs report buoyed investor optimism. Australian employment rose by a solid 18,100 in March to handily beat expectations for a second month, while the jobless rate took a surprise dive to 5.8 percent. The S&P/ASX 200 index gained 17.0 points to finish at 5,480.8, after touching an intraday high of 5,503.5, its highest point since June 2008.
New Zealand's benchmark NZX 50 index rose 0.9 percent to 5,115.5. Australian employment rose by a solid 18,100 in March to handily beat expectations for a second month, while the jobless rate took a surprise dive to 5.8 percent. The Big Four banks underpinned the market for a second session. Westpac Banking Corp added 0.8 percent, Australia and New Zealand Banking Group rose 0.7 percent and Commonwealth Bank of Australia gained 0.4 percent.
"Comments within the Fed minutes on easing interest rate concerns has increased investor confidence and allowed yesterday's growth in the market to continue," Chay Flack, equities dealer at CMC Markets Stockbroking, said in a note to clients. Retailers continued their run higher, spurred by news South African retailer Woolworths Holdings Ltd is set to buy struggling Australian department store operator David Jones for $2 billion.
"Yesterday's take-over offer for David Jones sent a clear message that there is fundamental value in the Australian market and it's likely there are numerous opportunities for international companies to invest within Australia," Flack said. David Jones Ltd added 0.4 percent, Woolworths Ltd climbed 1.2 percent and Wesfarmers Ltd rose 0.8 percent. Electronics and entertainment retailer JB Hi-Fi Ltd jumped 2 percent.
Elsewhere, Ten Network Holdings pushed 2.7 percent higher after the broadcaster reported a smaller half-year loss, saying it would target "non-traditional" advertisers as it tries to turn itself around in an uncertain market. Transurban Group gained 1.3 percent to A$7.37, its highest point since 2007, after reporting its toll revenue had increased by 12.9 percent to A$221.7 million for the March quarter.
Austal Ltd leaped 4.8 percent after the company received a contract to design and construct two high-speed ferries from the Abu Dhabi National Oil Company, valued at about A$30 million. Neon Energy surged 24 percent after agreeing to the sale of its Californian assets for $27 million. Red Fork Energy Ltd rocketed 28.1 percent after entering into a farm-out agreement with Blue Quail Ltd, enabling Red Fork to participate in testing of conventional oil and gas targets, according to the company.