The ASX 200 gained 0.86% to close at 8,335.9 points today. The local market jumped to a record high of 8,384.5 in early trading, yet the early gains were pared back after September’s jobs figures came in.
The Industrials, FInancials and Real Estate sectors each gained more than 1.65% while consumer Discretionary sector was also strong. Tech stocks, however, lost 1.1%.
Rate cut hopes “in tatters”
The resilience of the labour market was revealed today with the ABS releasing September jobs data that revealed the proportion of people in work or searching for a job rose to a record high.
The ABS reported that the economy added 64,100 jobs in September, beating the 25,000 economists expected. The unemployment rate held at 4.1%, below analysts’ estimates of 4.2% despite the participation rate increasing to a record high of 67.2%.
The jobs data only reinforces the belief that the RBA is unlikely to cut interest rates this year, with bets on a quarter-point cut at the central bank’s first meeting next year, in February.
IG Markets analyst Tony Sycamore said, “The RBA’s forecast for the unemployment rate is for it to rise to 4.3% by the December quarter. If the current trend in the jobs data continues, the unemployment rate appears more likely to find its way back to 4%, where it was in May.
"Today’s job numbers leave hopes of an RBA rate cut before year-end in tatters,” Sycamore said.
Forrests step down from Minderoo chair
Andrew Forrest and Nicola Forrest are set to step down as co-chairs of their philanthropic organisation, the Minderoo Foundation, six months after a restructure that saw the dismissal of 100 employees.
Andrew Forrest stated that his resignation would allow him to concentrate on his role as executive chairman of Fortescue (ASX:FMG) Metals Group, with a particular focus on the company’s ambitious emissions reduction plans.
Despite stepping down from their leadership positions, both will remain on the board of Minderoo, an organisation they founded more than two decades ago.
Prominent businessman and barrister Allan Myers has been appointed as the new chair of Minderoo.
Small cap gainers
Among gainers in small caps today were Provaris Energy Ltd (ASX:PV1, OTC:GBBLF), which was as much as 40.91% higher to $0.031, Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) up as much as 35.81% to $0.11, Aura Energy Ltd (ASX:AEE, AIM:AURA) as much as 16.13% higher to $.018, Ora Banda Mining Ltd (ASX:OBM) up to 14.93% higher to $0.77, Jindalee Lithium Ltd (ASX:JLL, OTCQX:JNDAF) up 8.7% to $0.25 and Predictive Discovery Ltd (ASX:ASX:PDI, OTC:PDIYF) up 6% to $0.265.
Five at five
Cobre's Ngami Project has potential to deliver substantial copper resource at bottom of global cost curve
A scoping and economic study has outlined the “exceptional economics” of the Ngami Copper Project in the Kalahari Copper Belt in Botswana, wholly owned by Cobre Ltd (ASX:CBE), and the potential of the deposit to host an in-situ copper recovery operation.
Read more
Artemis Resources identifies visible gold at Sing Six-Sing Well prospects
During a ground reconnaissance program, Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has picked out visible gold and mineralised veins at its Sing Six and Sing Well prospects, just 6 kilometres southwest of the recent Titan gold discovery within the company's Karratha Gold Project in WA.
Read more
Surefire Resources defines substantial new gold drill targets at Yidby
Surefire Resources NL (ASX:SRN) has defined nine new priority drill targets at its 100%-owned Yidby Gold Project in Western Australia.
Read more
Australian Gold and Copper hits 12 metres at 211 g/t silver at Achilles in NSW with gold and base metals as well
Australian Gold and Copper Ltd (ASX:AGC) has hit high-grade gold, silver, copper, zinc and lead in a reverse circulation (RC) drilling program at the Achilles discovery in the Cobar Basin of central NSW.
Read more
Strickland Metals defines new growth targets at Rogozna Gold and Base Metals Project
Strickland Metals Ltd (ASX:STK) has identified new exploration targets directly along strike from the current 5.4-million-ounce gold equivalent Rogozna Gold and Base Metals Project in Serbia, confirming the multiple pathways to rapid resource growth and discovery.
Read more
On your six
Jobs data beats estimates; rate cut unlikely this year
Australia’s labour market remains resilient with jobs data beating estimates and the proportion of people in work or searching for a job rising to a record high.
Read more
One to watch
Gold Hydrogen records world-leading helium purity at Ramsay
Gold Hydrogen Ltd (ASX:GHY) managing director Neil McDonald sits down with Proactive’s Tylah Tully to discuss promising results from testing at the Ramsay Project on the Yorke Peninsula in South Australia.
Watch more