Job vacancies rise in Australia: ASX 0.6% higher at noon

Market Reports

by Rachael Jones

The Australian share market continues to climb mainly thanks to hope of progress being made between US and Chinese officials at trade talks in Beijing. Magellan Financial (ASX:MFG), is doing well today – rising over 8 per cent. Waste management company Bingo (ASX:BIN) continues to rise as the ACCC considers their divestment. As does health company Healius (ASX:HLS) days after dismissing a takeover bid from Chinese group Jangho. Growth in job vacancies across Australia continued to ease in November.  The Energy sector is doing well today – with utilities trailing behind. The S&P/ASX 200 index is 35 points up that’s 0.6 per cent higher at 5757. On the futures market the SPI is 36 points higher.

Economic news

The number of job vacancies in Australia increased by 1.7 per cent over the November 2018 quarter, according to new trend figures from the Australian Bureau of Statistics. But the rate of growth is slowing. Over the year, job vacancies increased by 13.9 per cent, with private sector vacancies increasing by 14.1 per cent and public sector vacancies by 12.1 per cent.

Company news

Terramin Australia (ASX:TZN) has reached agreement with Kitticooler Holdings to acquire a 100 per cent of Private Mine No 53 located near Palmer in South Australia. This mine covers the historic Kitticoola copper gold mine that was operated intermittently between 1846 and 1971. Kitticoola is located 2.5km south of Palmer and approximately 62km by road from Terramin’s Angas Processing Facility. Shares in Terramin Australia (ASX:TZN) last traded at 12 cents.

Best and worst performers

The best-performing sector is Energy, adding 1.9 per cent, while the worst performing sector is Utlities, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Magellan Financial Group (ASX:MFG), rising 8.3 per cent to $26.52, followed by shares in Bingo Industries (ASX:BIN) and Healius (ASX:HLS).

The worst performing stock in the S&P/ASX 200 is Platinum Asset Management (ASX:PTM),dropping 5.5 per cent to $4.60, followed by shares in Viva Energy Group (ASX:VEA) and Mayne Pharma Group (ASX:MYX).

Commodities and the dollar

Gold is trading at US$1,286 an ounce.
The Iron ore price has risen 1.3 per cent to $74.46. It's futures are pointing to a rise of 0.6 per cent.
One Australian dollar is buying 71.47 US cents.