Australian shares edge higher, unemployment steady

Australian unemployment has come in as expected at a steady 4.1 per cent in October, and the labour market remains tight.

Strong interim results from Xero helped push the Information Technology sector 1.7 per cent higher, the accounting software company posting a 76 per cent jump in net profit after tax to $95 million in the six months to September 30, as earnings swelled by more than half over the same period.

Xero was trading 6.6 per cent higher by midday.

Financial stocks bounced back after a red Wednesday for the big four.

NAB, ANZ and Westpac were all up by more than 1 per cent by midday, and CBA jumped 1.6 per cent, more than eclipsing its slump after posting a flat quarterly profit the day before.

Miners were mixed by lunchtime, with BHP down 0.16 per cent, Rio Tinto up 1.1 per cent and Fortescue slumping by 1 per cent.

The mining sector has had a rough week, weighed down by weaker iron ore prices and an underwhelming stimulus announcement from top importer China earlier in the week.

The energy sector was up 0.9 per cent, helped by Woodside and Santos, up 1.1 per cent and 1 per cent respectively.

Bitcoin hit a new-all-time high overnight, spiking briefly above US$93,000 ($143,265) for the first time.

The cryptocurrency has been on a tear since the US election favoured Donald Trump, who promised less regulation for cryptocurrencies.

Bitcoin is also six months into its halving cycle, which has historically led to rallies in price in the year after the reward for processing blockchain blocks is halved, flagging a decrease in incoming supply.

The Australian dollar was buying 64.91 US cents, compared with 65.23 US cents at Wednesday's ASX close.