Shares pare early losses after unemployment spikes

The top-200 fell more than 80 points in early trade, but September's higher-than-expected 4.7 per cent unemployment print softened the local interest rate outlook, handing boosts to financials, communications and utilities stocks.

Investors continued to dump mining stocks, with the raw materials sector plummeting almost four per cent as elevated energy and borrowing costs continued to stifle confidence.

The Australian dollar is buying 69.54 US cents, down from 69.97 on Wednesday at 5pm.