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Share market steady ahead of US jobs data

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The share market has closed relatively steady as investors await the release of key US jobs numbers.

Trading volumes were low as investors sat on their hands ahead of the release of US non-farm payroll figures, OptionsXpress market analyst Ben Le Brun said.

“I think the market is playing the watch, wait and see game on how the non-farm payroll figures roll out tonight in the US,” he said.

The numbers will be an important indicator of global economic growth and should help determine the timing of a US Federal Reserve interest rate hike, Mr Le Brun said.

The local market moved in and out of positive territory all day, with the banks holding sway amid a recovery in the oil price in Asian trading, which helped turn around energy stocks that had been trading lower.

Among the major banks, Commonwealth Bank dropped nine cents to $72.41, National Australia Bank dipped five cents to $24.43, Westpac eased seven cents to $28.27 and ANZ added six cents to $23.12.

Ratings agency Standard and Poor’s says Commonwealth Bank, Westpac and National Australia Bank could avoid a credit ratings downgrade but they they would each need to raise between $7 billion and $8 billion in fresh capital over the next two years.

In the resources sector, BHP Billiton slipped three cents to $19.05, Rio Tinto ascended 92 cents to $48.30 and Fortescue Metals picked up three cents to $3.86.

Oil and gas producer Woodside Petroleum added six cents to $26.61 and Santos nudged one cent higher to $4.76.

Gaming giant Tabcorp lost more ground in the wake of the NSW government’s move to ban greyhound racing, falling nine cents to $4.30.

KEY FACTS:

* On Friday, the benchmark S&P/ASX 200 index was up 2.6 points, or 0.05 per cent, at 5,230.5 points.

* The broader All Ordinaries index was up 4.6 points, or 0.09 per cent, at 5, 315.6 points.

* The September share price index futures contract was down three points at 5,189 points, with 18,529 contracts traded.

* The spot price of gold in Sydney at 1700 AEST was $US1, 355.80 per fine ounce, down $US10.54 from Thursday’s price of $US1,366.34.

* National turnover was 2.5 billion securities traded, worth $4.7 billion.