The ASX finished higher today with the benchmark ASX 200 index gaining 0.77% as the ABS reported a lift in the jobless rate in January.
The Tech sector led the gains, up a massive 6.81%. A $9.1 billion takeover bid for Altium at a premium price of close to 39% lifted the sector. Altium’s shares gained 28.76% to $66, while software peers Wisetech (+4.77%) and Xero (+5.77%) gained.
Real Estate was also strong, up 3.37%, and Consumer Discretionary stocks gained 2.77%. Energy, meanwhile, was in the red, losing 2.10%.
Jobless rate rises
The ABS reports Australia’s unemployment rate has risen above 4% for the first time since January 2022, affected by higher interest rates and workers taking a break over the summer holidays.
The number of unemployed people rose by 22,000 last month, lifting the jobless rate to 4.1%, up from 3.9% in December.
Treasurer Jim Chalmers said the rise in unemployment was an “inevitable consequence” of higher interest rates, persistent inflation and global economic uncertainty, after the creation of a record 650,000 jobs under Labor.
The rise comes from a strong position, with Chalmers highlighting that last year was the first time since records began 46 years ago that unemployment had been below 4% every month.
Five at five
Suvo Strategic Minerals targets $3.5 million for Pittong operations and geopolymer concrete research
Suvo Strategic Minerals Ltd (ASX:SUV) has $2.5 million to play with following a placement to sophisticated investors and is targeting an additional $1 million in a share purchase plan (SPP).
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Accelerate Resources confirms lithium mineralisation continuity at Prinsep ahead of drilling
Accelerate Resources Ltd (ASX:AX8) has confirmed extended lithium mineralisation at Prinsep Lithium Project in Western Australia's West Pilbara region, setting the stage for imminent drilling activities.
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Kin Mining cashed up and seeking complementary assets; makes offer for PNX Metals
With approximately $75 million in cash and liquid assets, a cashed-up Kin Mining NL (ASX:KIN) is seeking to invest in projects considered prospective for gold and other metals and, as such, has made a play for PNX Metals Ltd (ASX:PNX).
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Kingston Resources confirms Mineral Hill discovery with results up to 6.37% copper equivalent
Kingston Resources Ltd (ASX:KSN) has confirmed the presence of a new copper discovery in the Southern Ore Zone (SOZ) less than 200 metres from existing underground development at the Mineral Hill Project in central New South Wales.
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Ora Banda Mining on track for first stoping ore in March and commercial gold production next quarter
Ora Banda Mining Ltd (ASX:OBM) is on track to deliver the first stoping ore next month from the Riverina Underground operations in Western Australia with all capital projects complete and steady-state production expected in the June quarter.
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On your six
Mixed signs for copper but demand from renewable energy and EVs strengthening
A look at some of the ASX-listed copper plays that made progress during the December quarter of 2023.
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One to watch
Imugene doses first patient in intravenous monotherapy arm of Phase 1 clinical trial
Imugene Ltd (ASX:IMU, OTC:IUGNF) CEO Leslie Chong sits down with Jonathan Jackson in the Proactive studio to delve into the company’s latest milestone - commencement of dosing for the first patient in the intravenous monotherapy arm of a Phase 1 clinical trial of the CD19 oncolytic virotherapy drug candidate, onCARlytics (also known as on-CAR-19, CF33-CD19 HOV4).
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