ASX Market Update: Index rises as unemployment meets expectations | January 16, 2025

The ASX200 has been up 1.35% at 8,325 points on reports of a slowdown in U.S. consumer prices and record profit from four of America’s big banks.

Back home, employment increased 56,300 in December, following a 35,600 gain in November. The unemployment rate ticked up to 4% (from 3.9% in the prior month). Consensus was for 15,000 jobs created and unemployment to tick up to 4%.

The labour market remains tight and is considered key to help bring inflation back sustainably to the Reserve Bank’s 2% to 3% target.

Inflation data for the December quarter is due on January 29 and will be key in determining the RBA’s February rate decision.

All sectors are in positive territory and Real Estate has been leading the charge, up 2.4%, followed closely by Financials, up 2.3%, and IT, up 1.3%.

Brent crude oil has been trading at US$82.35 per barrel, and the Aussie dollar has been trading at US$0.623.

Company News

Graphite technology specialist Green Critical Minerals (ASX: GCM) has been up 11% on test results which exceeded industry benchmarks in its maiden development at its VHD Technology pilot plant in New South Wales.

The first run of VHD graphite test blocks in line one at the plant has successfully produced 12 test samples of VHD graphite coins for initial testing.

Green Critical Minerals has been 2c.

Marmota (ASX: MEU) has been up 3.6% on the news it’s set to begin a maiden drilling campaign at its Muckanippie heavy minerals-titanium project in South Australia. The project yielded “bonanza” assays in every discovery hole earlier this week. The company will drill 89 aircore holes along the interpreted titanium-hosting palaeochannel at average depths of 30 metres to target titanium-bearing mineral sands from surface.

Marmota has been 5.8c.

Genesis Minerals (ASX:GMD) has been up 5.1% as investors react positively to its quarterly. The company reported record quarterly gold production of 57,055 ounces and an all-in sustaining cost (AISC) of A$2,202 per ounce.

Genesis Minerals has been $2.88.