Jobless rate rises on last month: ASX tracking 0.8% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and managed to maintain momentum - it's now tracking 0.8 per cent higher at noon. The Australian dollar dipped on the news the jobless rate has increased on last month. Shares in Brickworks (ASX:BKW) are on the rise after they reported a record underlying Net Profit After Tax (NPAT) from continuing operations of $234 million, up 4 per cent on the prior year. Shares in Saracen Mineral Holdings (ASX:SAR) and Resolute Mining (ASX:RSG) are down. All the sectors are in the green today the best-performing sector is Communication Services, while the worst performing sector is Materials.

The S&P/ASX 200 index is 50 points up at 6,731. On the futures market the SPI is 0.46 per cent higher or 31 points.

Local economic news

The unemployment rate increased in August to 5.3 per cent, from a revised July 2019 figure, according to the latest information released by the Australian Bureau of Statistics (ABS). The rise in the jobless rate comes despite two rate cuts from the RBA in June and July.

Company news

The Board of Credit Corp Group (ASX:CCP) has appointed two new Non-Executive Directors, Trudy Vonhoff and John Nesbitt. Both Trudy and John bring extensive senior executive and board experience across a range of industries including banking and financial services. These appointments will provide wider boardroom diversity and support Credit Corp’s ongoing growth objectives. After almost twelve years as a Non-Executive Director, Rob Shaw will retire at the 2019 Annual General Meeting in early November. Shares in Credit Corp Group (ASX:CCP) are trading 0.2 per cent higher at $29.69.

Best and worst performers

The best-performing sector is Communication Services, adding 2.2 per cent, while the sector with the fewest gains is Materials rising is 0.01 per cent.

The best performing stock in the S&P/ASX 200 is Bega Cheese (ASX:BGA), rising 5.7 per cent to $4.62, followed by shares in Brickworks (ASX:BKW) and Speedcast International (ASX:SDA).

The worst performing stock in the S&P/ASX 200 is Clinuvel pharmaceuticals (ASX:CUV), dropping 4.4 per cent to $24.50, followed by shares in Saracen Mineral Holdings (ASX:SAR) and Resolute Mining (ASX:RSG).

Asian markets

Japan’s Nikkei has added 1 per cent, Hong Kong’s Hang Seng has shed 0.6 per cent and the Shanghai Composite has added 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,493 an ounce.
Iron ore price fell 0.8 per cent to US$96.42
Iron ore futures are pointing to a fall of 3 per cent.
One Australian dollar is buying 67.94 US cents.