Unemployment rate rose to 7.4 per cent in June: ASX tracking 0.2% lower at noon

Market Reports

by Rachael Jones

After a rise at the open the Australian share market fell and is now tracking almost 0.2 per cent lower at noon. Shares in Cooper Energy (ASX:COE) rose over 5 per cent this morning, shares in the Breville Group (ASX:BRG) dropped over 5 per cent.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 11 points down at 6,042. On the futures market the SPI is 8 points lower.

Local economic news

Seasonally adjusted employment increased by 210,800 people between May and June, and the unemployment rate rose from 7.1 per cent to 7.4 per cent, according to the Australian Bureau of Statistics (ABS).

Broker moves

UBS rates Zip co (ASX:Z1P) as a Downgrade to a Sell from a Neutral. The trading update was strong, with total transaction volumes increasing by 62 per cent. Second half revenue grew 88 per cent. However, net bad debts increased to 2.24 per cent at the end of the June quarter. The broker notes several short-term risks including uncertainty over the duration of the pandemic, growth in credit risk and the integration risk for Quadpay. Target is raised to $5.70 from $5.60. Shares in Zip co (ASX:Z1P) are 7.3 per cent lower at $6.09.

Company news

Dr George Theocharides has resigned from the iSignthis Ltd (ASX:ISX) subsidiary, iSignthis eMoney Ltd. He has been appointed last week by the Cypriot Council of Ministers to the post of Executive Vice-Chairman of the Cypriot Securities and Exchange Commission. Cypriot law prohibits him from being employed (or earning income) from any other position apart from CySEC. iSignthis eMoney Ltd will seek a replacement independent director in order to meet its obligations as European Economic Area Authorised Monetary Financial Institution. Shares in iSignthis (ASX:ISX) last traded at $1.07.

Best and worst performers

The best-performing sector is Communication Services gaining 0.3 per cent, while the worst performing sector is Healthcare losing at 1.03 per cent.

The best performing stock in the S&P/ASX 200 is Cooper Energy (ASX:COE) rising 5.7 per cent to $0.42, followed by shares in IOOF Holdings (ASX:IFL) and Vocus Group (ASX:VOC).

The worst performing stock in the S&P/ASX 200 is Breville Group (ASX:BRG) dropping 5.5 per cent to $24.10, followed by shares in Avita Theraputics (ASX:AVH) and Saracen Mineral Holdings (ASX:SAR).

Commodities and the dollar

Gold is trading at US$1,810 an ounce.
Iron ore price is 0.2per cent lower at US$112.30.
Iron ore futures are suggesting a rise of 0.1 per cent.
One Australian dollar is buying 69.91US cents.