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Good afternoon and welcome to The ASX Today. It’s Thursday of Week 30, and the Australian share market is trading higher, with earlier gains tempered after a blockbuster jobs report increased expectations that the Reserve Bank could lift interest rates again.
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The index is up 0.7 per cent today. The big news is the latest jobs report, revealing Australia added 76,000 jobs in June, far exceeding expectations for 15,000, while the unemployment rate held steady at 4.4 per cent.
The stronger than expected result pushed the AUD above U.S. 70 cents and saw markets lift the probability of an August hike to ~32 per cent, with another increase now almost fully priced in by the end of the year.
Materials are leading the market higher. James Hardie has jumped 6.8 per cent after upgrading its quarterly sales guidance. Mining stocks are also stronger, supported by firmer commodity prices. BHP has gained 1.3 per cent, Fortescue is up 1.6 per cent and Evolution Mining has climbed 3.1 per cent as gold trades around US$4,116 an ounce and iron ore futures rise 1.7 per cent.
Energy stocks are also advancing as oil prices continue climbing. Brent crude has risen to almost US$96 a barrel following attacks on Saudi Arabian tankers in the Red Sea. Woodside Energy has added 0.8 per cent, while Karoon Energy has climbed 3.7 per cent after reporting June quarter sales revenue of US$116.4 million from production of 1.08 million barrels of oil equivalent.
The major banks are outperforming, with National Australia Bank up 1.6 per cent, Commonwealth Bank and Westpac both adding 1.5 per cent, while ANZ has gained 1.1 per cent.
Technology is the weakest part of the market after disappointing earnings from Google parent Alphabet weighed on global tech sentiment overnight. WiseTech Global has fallen 4.6 per cent, Xero is down 4 per cent and TechnologyOne has lost 2.3 per cent.
In company news, Sandfire Resources has rallied 4.3 per cent after reporting record quarterly revenue, stronger copper-equivalent production and a net cash position of $353 million. Generation Development Group is soaring 32 per cent after delivering record quarterly sales and reporting funds under management grew 36 per cent over the financial year to $46.4 billion.
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