ASX up 0.44% near noon: Australian employment rises by 39,700

Market Reports

by Peter Milios

In May, Australian employment rose by 39,700, reducing the unemployment rate to 4%. This exceeded expectations of 30,000 new jobs and highlights ongoing strength in the labor market, influencing Reserve Bank policies aimed at managing inflation despite economic growth challenges anticipated for the second quarter.

At 11:30am, the S&P/ASX 200 is 0.44 per cent higher at 7,749.40.

The SPI futures are pointing to a rise of 36 points.

Best and worst performers

The best-performing sector is Information Technology, up 2.12 per cent. The worst-performing sector is Energy, down 0.55 per cent.

The best-performing large cap is REA Group (ASX:REA), trading 3.6 per cent higher at $192.90. It is followed by shares in NEXTDC (ASX:NXT) and James Hardie Industries plc (ASX:JHX).

The worst-performing large cap is ASX (ASX:ASX), trading 8.94 per cent lower at $57.55. It is followed by shares in Lynas Rare Earths (ASX:LYC) and Pilbara Minerals (ASX:PLS).

Commodities and the dollar

Gold is trading at US$2327.00 an ounce.

Iron ore is 1.3 per cent higher at US$105.15 a tonne.

One Australian dollar is buying 66.58 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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