Australia shares rise as bleak jobless data strengthens rate cut hopes
Summary
* New Zealand stocks rise too on energy, consumer stocks Sept 20 (Reuters) - Australian shares rose on Friday and were on track for a fifth straight weekly gain, as an October rate cut by the country’s central bank appeared more certain following weak domestic jobless data that heightened growth concerns. The Australian jobless rate in August worsened to a one-year high of 5.3% in a sign of spare capacity in the labour market, reinforcing expectations of more stimulus from the Reserve Bank of Australia’s next policy meeting on Oct. 1. The mining index, the top driver of gains on the benchmark, was lifted by gold stocks as a weak dollar spurred more buying of the precious metal. With three of Australia’s “big four” banks trading higher, the financial subindex advanced about 0.4%, and was set for its fifth straight weekly gain. The technology and healthcare sectors rose more than 1%, with logistics software maker Wisetech gaining over 3% and drugmaker CSL firming almost 2%.
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