Australian Shares Dip Slightly Amidst Strong Wage Data and Sectoral Shifts - Kalkine Media

November 16, 2023 01:30 PM AEDT | By Team Kalkine Media
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Australian shares experienced a slight downturn on Thursday, led by declines in gold and technology stocks, following robust wages data that suggested continued inflationary pressures. The S&P/ASX 200 index (ASX: XJO) edged down by 0.2% to 7,090.70 after two consecutive sessions of gains, with a 1.4% rise registered on Wednesday.

Recent data unveiled a record surge in Australian wages due to a notable increase in minimum wages, potentially setting the stage for a more hawkish approach from the Reserve Bank of Australia (RBA) in reassessing inflation expectations. However, despite this surge, the jobless rate saw a slight uptick as more individuals actively sought employment.

Earlier in the day, additional data revealed a surge of 55,000 jobs added in October, surpassing the Reuters forecast of 20,000 new positions.

In Sydney, gold stocks dipped by 1.1% in response to a decline in bullion prices, driven by a stronger dollar that offset expectations of the U.S. Federal Reserve halting rate hikes. Shares of Newmont Corp (ASX: NEM) fell by 0.1%, while Evolution Mining (ASX: EVN) shares dropped by 2% and Northern Star Resources (ASX: NST) shares experienced a decline of 1.7%.

Australian financials index also slid by 0.2%, led by ANZ Group (ASX: ANZ) facing a notable 2.9% decline, while Commonwealth Bank of Australia (ASX: CBA) and Westpac (ASX: WBC) were trading positively.

Technology stocks retreated by 0.4%, witnessing a decrease in heavyweight Block's ASX-listed shares (ASX: SQ2) by 0.6%. Miners fell by 0.5%, with Rio Tinto (ASX: RIO) and BHP Group (ASX: BHP) slipping by 0.1% and 0.4%, respectively.

Real estate stocks fell by 0.7% and health stocks shed 0.1%.

In corporate news, Karoon Energy (ASX: KAR) announced the acquisition of a 46% stake in oil and gas fields in the Gulf of Mexico for the consideration of AU$720 million with the intent to diversify its operational portfolio. Shares of Galan Lithium (ASX: GLN) surged by 13.7% after sharing that it has entered into a lithium chloride concentrate offtake agreement with Glencore.

AMP (ASX: AMP) announced the launch of a digital bank targeting small businesses, with a planned investment of AU$60 million over fiscal 2024-25. However, the investment manager's shares experienced a decline of 13.6%.

New Zealand's benchmark S&P/NZX 50 index dropped by 0.5% to 11,301.79.


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