Unemployment figures hit the mark: Aus shares close 0.6% higher

15Nov

Unemployment figures hit the mark: Aus shares close 0.6% higher

 

The Australian share market experienced some volatility at the beginning of the session. We saw a strong rally off the back of trend unemployment data which met the consensus. The market managed to maintain momentum over the afternoon to finish 0.6 per cent higher. Every sector except Financials made some gains. Communications and Consumer Staples led the charge.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 37 points higher to finish at 6,735.

Futures market

Dow futures are suggesting a loss of 24 points.
S&P 500 futures are eyeing a dip of 3 points.
The Nasdaq futures are eyeing a loss of 5 points.
And the ASX200 futures are eyeing rise of 49 points tomorrow morning.

Broker moves

Ord Minnett rates Experience Co (ASX:EXP) as a buy, but has reduced its 12-month price target to 31 cents. This follows another soft trading update for the first quarter with skydiving volumes down 10.4 per cent largely due to adverse weather conditions. Given the strategic review is underway the broker expects changes are already taking place. Shares in Experience Co (ASX:EXP) are trading 4.2 per cent lower at $0.23..

Macquarie rates BHP Group (ASX:BHP) as an outperform, and has increased its 12-month price target to $40.00. This upgrade is a result of Macquarie forecast being tweaked to include unsanctioned projects. Shares in BHP Group (ASX:BHP) are trading 0.1 per cent higher at $36.81.

Economic news

The Australian Bureau of Statistics has released Labour Force figures for October 2019. Australia's trend unemployment rate was 5.3 per cent. This follows an unemployment rate of 5.2 per cent in September and met the consensus figure the market was expecting.

Company news

Engineering company Monadelphous Group (ASX:MND) has acquired Chile-based construction and maintenance services contractor, Buildtek SpA and plant and equipment hire company, Maqrent SpA. Monadelphous acquired 75 per cent of the companies for approximately 9.5 million cash, with an option to purchase the remaining 25 per cent in three years’ time. Shares in Monadelphous Group (ASX:MND) are trading 0.8 per cent higher at $15.71.

Child care service provider, G8 Education (ASX:GEM) has inked a deal to sell 25 of its centres in Western Australia to Sparrow Early Learning for approximately $6.4 million.

The board of BHP Group (ASX:BHP) has appointed Mike Henry as Chief Executive Officer, replacing Andrew Mackenzie who will retire as CEO on 31 December 2019.

Gold exploration and development company, Vango Mining (ASX:VAN), has appointed Andrew Stocks as the Company’s new Managing Director effective from 20 January 2020.

Best and worst performers of the day

The best performing sector was Consumer Staples adding 2 per cent while the worst performing sector was Financials, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Nearmap (ASX:NEA), rising 14.1 per cent to close at $2.84. Shares in Afterpay Touch Group (ASX:APT) and Nanosonics (ASX:NAN) followed higher.

The worst performing stock in the S&P/ASX 200 was G8 Education (ASX:GEM), dropping 17.8 per cent to close at $2.13. Shares in Avita Medical (ASX:AVH) and Costa Group (ASX:CGC) followed lower.

Asian markets

Mixed: Japan’s Nikkei has lost 0.8 per cent, Hong Kong’s Hang Seng has lost 0.9 per cent and the Shanghai Composite has gained 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,464 an ounce.
Iron ore price is down at US$81.03.
Iron ore futures are pointing to a rise of 0.8 per cent.
Light crude is 24 cents higher at US$57.44 a barrel.
One Australian dollar is buying 67.97 US cents.
  
Copyright 2019 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

04Aug

Wall St rises, Tencent tumbles on fear of crackdown, Why Resolute Mining’s rating got a hike: ASX poised to rise

04 Aug 2021 - Major indexes closed mixed around the globe amid earnings season as fears crept in on Covid-19 concerns. In China, investors' jitters surged on renewed clampdown fears that Chinese regulators have their eyes set on the gaming industry. Coverage on RBA’s decision and what it means for first home-owners and those looking to step foot in the property market. Why Macquarie upgrades Resolute Mining (ASX:RSG). Reporting season warms up with four companies set to release figures.

Read More
22Sep

Uncertainty over US stimulus sinks stocks: ASX poised to open lower

22 Sep 2020 - The ASX looks set to open lower this morning after a sharp sell-off in the US. There’s concern over the lack of certainty over plans for the fiscal stimulus to support the unemployed in the US. Oracle’s agreement to take a stake in TikTok has won the blessing of US President Donald Trump. And Pushpay Holdings (ASX:PPH) has appointed Lorraine Witten as a Director to the Board.

Read More
17Aug

US retailers push market higher: BHP rallies overnight

17 Aug 2022 - The Dow Jones Industrial Average rallied on Tuesday, rising for a fifth day as earnings results from Walmart and Home Depot showed consumer spending could remain strong enough to keep the economy from tipping over into a downturn. On the ASX today we have reporting: Amcor, Brambles, Corporate Travel, CSL, Domain & Magellan to name a few.

Read More
08Sep

Payroll jobs across Australia fall 0.4 per cent: Aus shares close 1.1% higher

08 Sep 2020 - The Australian share market rose at the open, hitting above the 6000 benchmark, closing 1.1 per cent up at the end of today’s trade. Payroll jobs across Australia fell by 0.4 per cent over the month to 22 August, according to figures released by the Australian Bureau of Statistics (ABS) today.

Read More
29Aug

Fed Chair rhetoric whacks markets: Water crisis in China

29 Aug 2022 - US stocks plummeted on Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the Central bank won’t back off in its fight against rapid inflation. Asian and European gas prices hit record highs again on Friday. Drought has been declared across the globe.

Read More
14Dec

Falling inflation data supports market rally

14 Dec 2022 - Stocks rose Tuesday after the release of new US inflation data, while traders awaited a key Federal Reserve policy decision. Overnight US consumer price inflation eased more than expected in November to its lowest level in almost a year.

Read More
20Dec

Jumbo (ASX:JIN) shares fall on half year results: ASX tracking 0.4% lower at noon

20 Dec 2019 - The ASX rose at the open but took a dip in mid-morning trade and is now tracking 0.4% lower at noon. Cimic (ASX:CIM) shares are on the up after they reported this morning that their subsidiary CPB Contractors, won 3 contracts worth $150 million from Rio Tinto (ASX:RIO). Jumbo Interactive (ASX:JIN) share price has plummeted after their first half performance wasn’t as strong as expected.

Read More
02Mar

S&P 500 closes lower as investors digest Feb’s losses

02 Mar 2023 - The S&P 500 fell overnight, as traders struggled to recover their footing following a losing month and that bond yields have continued their climb. The moves came as bond yields extended their February gains, with the benchmark 10-year yield briefly topping 4% for the first time since November. The 1-year Treasury yield rose above 5%.

Read More
25Jan

Tech and iron ore miners lift the market, Pfizer vaccine gets provisional approval from TGA: ASX closes 0.4% higher

25 Jan 2021 - The local sharemarket has kicked off the week on a positive footing rising 0.4 per cent or 24 points to 6825. Gains made by tech, consumer-facing companies and iron ore miners offset losses in the energy sector.

Read More
16Jan

ASX soars past 7000 point barrier: Aus shares 0.5% higher at noon

16 Jan 2020 - The Australian share market soared past the 7000 point barrier with the US and China signing the phase one trade agreement and the Dow closing above 29k. CSL (ASX:CSL) hits $300 share price.

Read More