The Australian market ended higher today with the S&P/ASX 200 finishing up 40.4 points, or 0.57%, to 7,194.3, led by the Materials and Financials sectors.
Materials were trading 1.01% higher after the iron ore price hit a six-month high and iron ore futures in Singapore breached $120 per tonne. Shortly before the close, BHP (ASX:BHP) had risen 1.15% to $44.31, Fortescue (ASX:FMG) Metals 3.78% to $20.34 and Rio Tinto (ASX:RIO) 2.36% to $116.07.
Uranium stocks also rallied following a report from the World Nuclear Association, which forecast strong uranium demand through to 2040. Paladin Energy (ASX:PDN) was up 4.75% this afternoon, while smaller-cap Deep Yellow gained almost 7.7%.
Coal producers were also higher, with Yancoal, Whitehaven and New Hope all up more than 2%.
Employment picks up in August
After a small drop in July, employment bounced back last month with 64,900 jobs created in August, well above expectations of a gain of 23,000. The unemployment rate remained at 3.7%.
Underemployment, however, continued to rise in August, from 6.4% in July to 6.6%, as more workers looked for more hours.
The tight labour market data supports the case for a further interest rate rise from the RBA — incoming governor Michele Bullock has said rate decisions would depend on the data.
The Aussie dollar jumped to US64.53¢ after the jobs report while bond yields were slightly softer. Bond futures were largely unchanged and point to a 53% chance that interest rates have peaked at 4.1%.
Super funds to invest in affordable housing
Peak super bodies say that the passage of the government's housing policy opens the door to more investment by superannuation funds in affordable housing.
Industry Super deputy chief executive Matt Linden said, “Today’s passage of the Housing Bills provides much-needed certainty to super funds who are looking to invest at scale in social and affordable housing.
"Funds can now proceed with confidence to assess project pipelines and assess how to deliver good risk-adjusted returns to members while investing in critically needed new housing supply."
Five at Five
Flynn Gold hits shallow bonanza-grade gold at Golden Ridge in Tasmania
Flynn Gold Ltd (ASX:FG1) has delivered further high-grade gold from diamond drilling at its 100%-owned Golden Ridge Project in northeast Tasmania where it continues to identify and test multiple exploration targets, aiming to make further discoveries.
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American Rare Earths fields high-grade REE hits up to 13.9% TREO at Beaver Creek in Wyoming
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has delivered high-grade rare earth elements (REE) mineralisation at its Beaver Creek project in Wyoming, with total rare earth oxides (TREO) ranging from 5.8% to 13.9%.
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Nexus Minerals lifts Merrimac potential by confirming spodumene as dominant lithium mineral
Nexus Minerals Ltd (ASX:NXM) has enhanced the critical minerals potential of the Merrimac Project in northeast Victoria where due diligence work has confirmed spodumene as the dominant lithium-bearing mineral.
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Forrestania Resources confirms copper prospectivity at Eastern Goldfields Project with rock chips up to 26.7%
Forrestania Resources Ltd (ASX:FRS) has confirmed the copper prospectivity of its Eastern Goldfields Project in Western Australia with rock chip samples taken during recent fieldwork at Breakaway Dam returning up to 26.7% copper.
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Emmerson Resources hits targeted ironstone unit in completed Hermitage follow-up drilling
Emmerson Resources Ltd (ASX:ERM) has intersected the targeted ironstone unit it set out to investigate during an extensional and reverse circulation (RC) drill program at the 100%-owned Hermitage Project near Tennant Creek in the Northern Territory.
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Is Moderna protecting its bottom line or providing a public service with new ‘superjab’?
Just when you thought you’d had enough COVID-19 jabs, NASDAQ-listed Moderna Therapeutics, which has a market value of $US40 billion ($62.5 billion) is creating an all-in-one 'superjab' to protect against COVID and the flu.
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One to watch
Moho Resources bolsters REE prospectivity at Peak Charles
Moho Resources Ltd (ASX:MOH) MD Ralph Winter tells Proactive the company is zeroing-in on rare earth element (REE) mineralisation at the wholly-owned Peak Charles Project in Western Australia
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