Loss of jobs greatest in VIC - ABS: Aus shares close 0.4% lower

Market Reports

by Ortenzia Borre

The Australian share market rose at the open following strong mining stocks but fell during the session, closing 0.4 per cent down at the end of trade.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 24 points lower to finish at 6,021.

Futures market

Dow futures are suggesting a fall of 2 points.
S&P 500 futures are eyeing a rise of 1 points.
The Nasdaq futures are eyeing a lift of 16 points.
And the ASX200 futures are eyeing a 48 point rise tomorrow morning.

Local economic news 

Total payroll jobs decreased by 1.1 per cent in Australia between mid-June and mid-July according to figures released by the Australian Bureau of Statistics today. 

In Victoria, payroll jobs decreased by 2.2 per cent between mid-June and mid-July as additional COVID-19 restrictions were progressively introduced, with jobs 7.3 per cent below mid-March in this state. 

Bjorn Jarvis, head of Labour Statistics at the ABS, said, “Nationally, payroll jobs are 5.6 per cent below mid-March, when Australia recorded its 100th confirmed COVID-19 case.”

Payroll job losses in other states and territories since mid-March ranged from a 6.8 per cent decrease in Tasmania to a 3.1 per cent decrease in Western Australia.

Looking at some more headlines:

Mining group Rio Tinto (ASX:RIO) announced a discovery of a new zone of gold dominant mineralisation at its Winu copper-gold project in Western Australia.

The new zone, located approximately 2km east of the Winu deposit "provides further encouragement about the potential for the new development of multiple ore bodies,” Rio said in a statement.

Westpac (ASX:WBC) has appointed Scott Collary as its new Chief Operating Officer (COO), and has announced a new Group Operating Office to be led by Mr Collary, bringing together Group Operations and Group Technology divisions.

Fintech payment platform company Sezzle (ASX:SZL) has announced it has partnered with US data network operator Plaid.

The company says the partnership will help reduce its processing costs and improve consumer experience by enabling payments via the automated clearing house system (ACH) instead of card networks.

Best and worst performers of the day

The best performing sector was Materials adding 0.9 per cent while the worst performing sector was Information Technology shedding 1.5 per cent.

The best performing stock in the S&P/ASX 200 was Credit Corp Group (ASX:CCP), rising 8.8 per cent to close at $18.37. Shares in Nufarm (ASX:NUF) and ALS (ASX:ALQ) followed.

The worst performing stock in the S&P/ASX 200 was Perpetual (ASX:PPT), dropping 5.1 per cent to close at $31.91 cents. Shares in Resolute Mining (ASX:RSG) and Waypoint REIT (ASX:WPR) followed lower.

Asian markets

Mixed: Japan’s Nikkei has lost 0.3 per cent, Hong Kong’s Hang Seng gained 0.4 per cent and the Shanghai Composite is 0.4 per cent up.

Commodities and the dollar

Gold is trading at US$1,943 an ounce.
Iron ore price lost 1.6 per cent to US$107.68.
Iron ore futures are pointing to a fall of 0.5 per cent.
Light crude is US$0.19 down at US$41.41 a barrel.
One Australian dollar is buying 71.37 US cents.