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Highlights:
The ASX200 index reached a new intra-day record of 8,384 points before slightly retracting to 8,354 points, up 0.83% in early afternoon trade.
September’s unemployment rate dropped to 4.1%, significantly lower than market expectations, with over 64,000 new jobs created last month.
Real Estate emerged as the top-performing sector, increasing by 1.6%, while the IT sector was the only one to decline, down 0.33%.
In early afternoon trading, the ASX200 index registered an increase of 0.83%, settling at 8,354 points. Earlier in the day, the index achieved a new intra-day record of 8,384 points before moderating its gains following the release of September’s employment data. The unemployment rate for September fell to 4.1%, which was substantially lower than anticipated. This decline was accompanied by the creation of over 64,000 new jobs, exceeding market forecasts by more than double.
The implications of these employment figures suggest reduced pressure on the Reserve Bank of Australia (RBA) to implement interest rate cuts. Following the release of the jobs data, market sentiment shifted, leading to a reassessment of rate cut probabilities, which now reflect a one in three chance for a reduction this year, down from an even split prior to the report.
Despite the paring of early gains, the ASX200 remains close to its record levels, with Real Estate being the standout performer among sectors, rising by 1.6%. This was followed by Industrials, which saw an increase of 1.45%, and Financials, which gained approximately 1.2%. Conversely, the Information Technology sector was the only area in the red, experiencing a decline of 0.33%.
In company news, Gold Hydrogen (ASX:GHY) reported a decline of 6.8% after revealing helium purities of 36.9% at its Ramsay Project in South Australia. Meanwhile, Ora Banda Mining (ASX:OBM) saw a notable increase of over 11.5% following quarterly results that showcased a 26% rise in production, yielding a record output from its Davyhurst process plant in Western Australia. On the other hand, Australian Gold and Copper (ASX:AGC) reported a nearly 15% decline despite announcing high-grade results from its Achilles discovery in the Cobar Basin, New South Wales.
