Australian shares have bounced back from three straight days of losses as traders digest a slew of company earnings reports.
The benchmark S&P/ASX200 index on Thursday finished 58 points higher at 7,605.7, a 0.77 per cent gain, while the broader All Ordinaries rose 61.2 points, or 0.79 per cent, to 7,851.7.
The market rose at the open, propelled by an overnight rally on Wall Street, and was little moved by an unexpected rise in the domestic unemployment rate.
The Australian Bureau of Statistics reported shortly before lunchtime that unemployment hit a two-year high of 4.1 per cent in January, up from 3.9 per cent in December.
City Index analyst Matt Simpson said while the readout brought a glimmer of hope for a dovish pivot from the Reserve Bank, he doubted it would budge the central bank unless there are more job losses.
Some economists also warned that a possible shift in seasonal job-hunting trends may have clouded the data.
Eight of the ASX's 11 sectors finished higher, with telecommunications, energy and materials lower.
Tech was the biggest gainer, rising 6.8 per cent as Altium soared on a takeover deal.
Shares in the printed circuitboard software design company rocketed 28.8 per cent to an all-time high of $66 after it agreed to be acquired by Japan-based Renesas Electronics in a $9.1 billion deal.
Shareholders in Altium, the ASX's fourth-biggest tech company, will receive $68.50 a share if the deal goes through.
A number of companies reported earnings results on one of the busiest days of the season.
Wesfarmers rose five per cent to a two-and-a-half-year high of $61.91 after as the Perth-based conglomerate announced strong sales at its Kmart division had helped it grow its half-year profit by three per cent to $1.4 billion.
Telstra fell 2.3 per cent to $3.90 as the telecommunications provider announced a review of its underperforming network solutions enterprise business, which chief executive Vicki Brady said is "clearly a long way from where we need it to be".
Goodman Group rose 7.0 per cent to a 17-year high of $28.47 after the logistics and data centre owner delivered a first-half operating profit of $1.1 billion, up 29 per cent from a year ago.
Whitehaven Coal dropped 5.7 per cent to $7.08 as the coal exporter revealed a plunge in first-half earnings and slashed its payout to investors due to cheap Russian coal flooding the market, and a major acquisition.
BHP dropped 1.7 per cent to $45.17 after the Big Australian said it would take a $US2.5 billion ($3.9 billion) non-cash impairment on the carrying value of its Western Australia nickel operations, given the sharp fall in nickel prices.
"This is an uncertain time for the Western Australian nickel industry and we are taking action to address the current market conditions," chief executive Mike Henry said.
Elsewhere in the sector, Fortescue rose 1.4 per cent to $28.08 and Rio Tinto had dropped 0.7 per cent to $127.39.
The Big Four banks were all higher, with ANZ adding 1.5 per cent to $28.22, Westpac climbing 1.0 per cent to $24.37, NAB up 1.1 per cent to $32.85 and CBA edging 0.1 per cent higher at $114.16.
Back in the tech sector, Data #3 dropped 13.1 per cent to $8.50 after announcing a 25 per cent rise in half-year profit, to $21.4 million.
The Australian dollar was buying 64.89 US cents, from 64.82 US cents at Wednesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Thursday up 58 points, or 0.77 per cent, to 7,605.7
* The broader All Ordinaries rose 61.2 points, or 0.79 per cent, to 7,851.7
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.88 US cents, from 64.66 US cents at Wednesday's ASX close
* 97.44 Japanese yen, from 97.42 yen
* 60.46 Euro cents, from 60.40 Euro cents
* 51.63 British pence, from 51.34 pence
* 106.65 NZ cents, from 106.45 NZ cents.
