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Highlights:
- ASX 200, on Thursday, gained 0.44% driven by Information Technology and Telecommunications Services sectors.
- The Australian unemployment data released by ABS seems to have cheered investors worrying recession.
- The top performing stocks on ASX 200 benchmark index were EML Payments and Imugene. Bega Cheese remained the top loser.
ASX 200 index added 0.44% in Thursday’s trade, rising to 6,650.60 points. The market remained positive after the Australian unemployment rate data was disclosed.
Meanwhile on ASX 200 index, Information Technology and Telecommunications services were the top gainers followed by Energy, Materials and Health Care. On the losing side were A-REIT and Financial sectors.
Australia’s unemployment rate down to its lowest since 1974
Australia’s joblessness rate has fallen to its lowest in over three decades this June. As per the data released by the Australian Bureau of Statistics (ABS), the unemployment rate was 3.5% in June. Australian economy created around 88,422 new jobs in the previous month, notably the biggest monthly increase since February 2022.
Other noteworthy trends
Volatility indicator -A-VIX index gained 0.28% today. Even the All-ordinaries index gained 0.60% following the broader market. Large cap representative, ASX 50 index (XFL) firmed 0.26%. Meanwhile mid-caps shown by Midcap-50 index and small caps by ASX Small ordinaries index also gained 1.37% and 0.96%.
Top gainers and losers on ASX 200
Image Source © 2022 Kalkine Media ®, data source- ASX
Market movers
- Telstra (ASX:TLS), in partnership with the Aussie government, has completed acquiring Digicel Pacific and thus the company was in news. The deal was majorly funded by the government and was worth about US$1.6 billion. Telstra, with this deal, has eased up the federal government’s fears of China picking up the assets and using it to spy on Australia.
- Companies that disclosed financial numbers today included - Data#3 (ASX:DTL) which moved up 9.92% after reporting growth in its information technology services business and net profit.
- Fundie Netwealth (ASX:NWL) reported a fall in its total funds under administration (FUA) for the June quarter, due to negative market movements. NWL share price gained 4.49% during the day. Other fund managers that released their FUM data were Australian Ethical Investments (ASX:AEF) and Pengana Capital (ASX:PCG). Both the fund managers reported a fall in funds under management in June quarter. Shares of AEF and PCG however gained during the day.
- Pilbara Minerals (ASX:PLS) made news after securing a US$6,841 a tonne for its lithium cargo. Pilbara Minerals had auctioned the 5000 dry metric tonnes of lithium spodumene to China. As a result, PLS shares closed 3.81% higher today.
- Bega Cheese (ASX:BGA) sank 8.45% today after issuing a warning about rising milk price over June and July. It meant that Bega Cheese’s FY 2023 normalised EBITDA was now being estimated lower than FY2022.
- Lake Resources (ASX:LKE) was also a significant looser today, shedding 10.37% of its share price. The company was in news for its clarification on a short seller’s report about its direct lithium extraction technology and its commercial prospects.
In global markets:
US CPI in June has exceeded expectations increasing pressure fed to lift interest rates and worrying investors more. However, in Asia stock markets were brighter. Japan’s Nikkei Index and South Korea’s KOSPI closed higher alongside Chinese CSI and Shenzhen component indices.
On commodities front:
Oil prices were rising on Thursday, with Brent and WTI higher on tight supply concerns. Gold was down on expectations of US Fed hiking interest rates more aggressively.
