MELBOURNE: Australian shares regained 0.5 percent on Thursday in a broad-based recovery helped by a surge in monthly jobs and steadier copper prices.
Australian employment jumped 44,000 in March while the unemployment rate stayed at 5.2 percent, sending the local dollar higher.
A combination of low unemployment, twinned with expectations rates will be cut in May, boosted retailers. Online job advertising company Seek rose 1.5 percent to A$6.80.
The Reserve Bank of Australia (RBA) has paved the way for a cut in interest rates in May as long as inflation proves tame.
"It still looks like employers are reluctant to let people go," said Michael Workman, senior economist at CBA.
"I think we'll still get a rate cut in May, and maybe that's all that matters to the market," he said.
The underlying S&P/ASX 200 index was up 21.3 points at 4,267.4 by 0225 GMT. On Wednesday it fell 1.1 percent to a one-month low of 4,246.13.
New Zealand's benchmark NZX 50 index rose 0.7 percent to 3,489.3 points.
STOCKS ON THE MOVE:
Television broadcaster Ten Network Holdings initially fell to a three-year low of A$0.725 after first-half net profit dropped to A$14.8 million ($15.26 million), missing an average forecast for A$24 million in a poll of four analysts.
The stock later recovered to be flat at A$0.76.
PanAust Ltd rose 6 percent to A$3.15 after it affirmed 2012 production guidance and did better than it expected at its Phu Kham copper mine in Laos in the three months to March. Production at Phu Kham was expected to rise to between 65,000-70,000 tonnes in 2013.
Seven Group rose 4 percent to A$10.21 after Caterpillar Inc, the world's biggest heavy machinery maker, sold a part of its Bucyrus distribution and support business to WesTrac Pty Ltd, a unit of Seven. See .
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