AUS
NZ
UK
CA
USA
IND
Highlights
- ASX climbs 1.4% after robust jobs data.
- Commonwealth Bank (CBA) gains 2.7%.
- Neuren Pharmaceuticals (NEU) sees biggest single-session rise of 9%.
The Australian stock market rallied on Thursday, with the S&P/ASX 200 index climbing 1.4% by midday to 8334.4 points, driven by a resilient labour market report and optimism following softer US inflation data. The All Ordinaries index also mirrored the upward trend, posting a 1.4% increase.
All sectors were in positive territory, with banking and technology stocks spearheading the rise. This broad-based gain followed encouraging developments in local jobs data, coupled with a strong lead from Wall Street after the US core consumer price index suggested moderating inflationary pressures.
Jobs Data Signals Resilience
Australia's labour market showed an unexpected uptick in employment, with 56,300 jobs added in December—far exceeding economist forecasts of 15,000. However, the unemployment rate edged slightly higher to 4%, aligning with predictions.
Despite the mixed results, market experts believe the Reserve Bank of Australia (RBA) is unlikely to rush into policy changes. Economists maintain that the labour market remains robust, suggesting the RBA could potentially defer decisions on rate adjustments until mid-year.
Key Sector Highlights
Banks saw significant upward momentum, reflecting gains observed in their US counterparts. Commonwealth Bank (ASX:CBA) surged 2.7%, while Macquarie Group (ASX:MQG) advanced 2.8%.
Interest-rate sensitive sectors also performed well. Technology stocks such as WiseTech Global (ASX:WTC) rose by 1.1%, recovering from prior losses, while Goodman Group (ASX:GMG) led the real estate sector with a 3% increase.
Top Movers on ASX
Neuren Pharmaceuticals (ASX:NEU) emerged as the day’s top performer, jumping 9%, erasing the 8.3% drop it experienced in the previous session.
Tabcorp Holdings (ASX:TAH) also stood out with a 5.9% gain after the company appointed Michael Fitzsimons, formerly with the Hong Kong Jockey Club, as its first chief wagering officer.
Meanwhile, Mirabooka Investments (ASX:MIR) rose 2.1% following a strong half-year performance, where it delivered returns of 11.5%, beating sector benchmarks.
In mining services, MLG Oz (ASX:MLG) soared 7% after securing a significant contract with Northern Star Resources (ASX:NST), which itself slipped 0.1%.
The Australian market’s overall upbeat sentiment reflects investor confidence buoyed by the combination of strong domestic employment data and easing global inflation concerns.
