Australian Shares Surge 1.04% as Wall Street Rallies on Positive Jobless Claims Data

2 min read | August 09, 2024 12:15 PM AEST | By Team Kalkine Media

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Australian Shares Surge 1.04% as Wall Street Rallies on Positive Jobless Claims Data — Image source: shutterstock

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Highlights:

Australian Shares Rise 1.04%: The S&P/ASX 200 index climbed 1.04% to 7,761.70, driven by technology stocks and positive US jobless claims data that alleviated recession concerns.

Top Performers and Decliners: Life360 (ASX:360) surged 17.5% on strong earnings, while News Corp (ASX) rose on Foxtel sale plans. QBE Insurance Group (ASX ) fell 3% despite doubling profits.

Sector and Currency Updates: Information Technology led with a 3.11% gain, while Consumer Discretionary saw a modest 0.59% increase. The Australian dollar strengthened to 65.94 US cents, and SPI futures are pointing to a rise of 57 points.

Australian shares saw a significant increase on Friday, reflecting gains on Wall Street following positive US jobless claims data that eased recession fears. By 11:35 a.m., the S&P/ASX 200 index had risen by 1.04%, reaching 7,761.70, with technology stocks leading the charge. Notably, Life360 (ASX:360) surged 17.5% after reporting strong earnings, while News Corp (ASX:NWS) benefited from plans to sell Foxtel, which boosted its share price. Conversely, insurance giant QBE Insurance Group (ASX:QBE) experienced a decline of 3% despite doubling its profits.

The Australian dollar also strengthened, nearing 66 US cents, and SPI futures are pointing to a rise of 57 points.

In terms of sector performance, Information Technology emerged as the top performer, with a 3.11% increase, while Consumer Discretionary lagged behind with a modest gain of 0.59%. Among large-cap stocks, REA Group (ASX:REA) was the standout, trading 4.57% higher at $198.18. It was followed by Cochlear (ASX:COH) and CAR Group (ASX:CAR), which also saw gains. On the downside, QBE Insurance Group (ASX:QBE) was the worst-performing large cap, down 3.37% to $15.78. Mercury NZ (ASX:MCY) and Meridian Energy (ASX:MEZ) also experienced declines.

In commodities, gold is trading at $2,462.70 per ounce, while iron ore has decreased by 1.3% to $99.30 per tonne, with futures indicating a slight 0.1% fall. The Australian dollar is currently valued at 65.94 US cents.

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