By Oliver Gray
Investing.com - The S&P/ASX 200 added 31.1 points or 0.42% to 7495.7 on Friday, following a flat close in the previous session as market participants proved optimistic as corporate earnings results continue to roll in.
On the coronavirus front, New South Wales reported a near record 642 fresh community cases today as the virus continues to spread through regional areas. Victoria recorded 55 fresh cases amid the toughest lockdown restrictions in the country with the first case reported in regional Victoria. Queensland recorded a single case in home quarantine, linked to the current Indooroopilly outbreak, while ACT reported 16 cases yesterday.
Among stocks Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) improved after a weak start following a plunge in Iron ore prices overnight. Newcrest Mining Ltd (ASX:NCM) dropped 2.58% after reporting results, while Cochlear Ltd (ASX:COH) fell 7.49% after its results.
Among data, Australia’s unemployment rate surprised to the upside, posting lowest seasonally adjusted unemployment rate since December 2008 with the latest data capturing the early weeks of the Greater Sydney lockdown, while the number of people looking for full-time work decreased 22,300.
On the bond markets, local 10-year bond yields hit 7-month lows of 1.071% while U.S. 10-year rates were at 1.247%.
In New Zealand, the NZX 50 lost 12.19 points or 0.09% to 12944.78.