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Australia’s unemployment rate has edged up to 3.8%, according to the latest ABS data for March – marking a 0.1% increase –
Despite nearing 4%, the labour market remains historically tight, with today’s data showing minimal movement. The bureau’s trend unemployment rate has held steady at 3.9% for the past five months.
The data is unlikely to sway the Reserve Bank of Australia one way or the other with a view towards rate cut permutations.
The ASX200 is trading up around point six of a per cent.
The Materials sector is leading gains, up 1.25 per cent, financials follow, up around point seven of a per cent.
Health care has slipped into the red, down around point four of a per cent.
Company news
BGD
Barton Gold (ASX:BGD) has kicked off a geotechnical scoping study on its 1.5 million ounce (Moz) JORC Tunkillia gold project, in Western Australia.
Two private entities, GR Engineering and Mining Associates (MA) will conduct the studies.
The study aims to prepare information for a later pre-feasibility study which will be executed once the scoping study has wrapped up.
BGD has been trading at 28.5 cents, up almost 2%.
TEG
Triangle Energy (ASX:TEG) is up around 12% as it prepares to spud its Booth-1 well in the Perth Basin to kick off FY25.
The well will be drilled by the Ventia 106 rig in the North Perth Basin within the eastern part of the L7 permit area.
The landholding is estimated to hold around 113 billion cubic feet of gas (Bcf).
Strike Energy and New Zealand Oil & Gas each hold a 25% stake in L7 as part of a joint venture.
TEG has been trading at 1.9 cents and had climbed almost 12% at noon.
TTM
Titan Minerals (ASX:TTM) is up following a deal with Hancock Prospecting’s Hanrine Ecuadorian Exploration and Mining S.A (Hanrine) for Hanrine to acquire up to 80% of the Linderos Copper Project in southern Ecuador.
Hanrine will invest up to US$120 million (AU$180 million) to secure this majority stake.
The Linderos Project spans 143 square kilometres across four mineral concessions owned by Titan.
A 2022 drilling campaign confirmed copper porphyry mineralization at shallow depths, with six out of eight drill holes intersecting mineralization.
TTM is currently trading at 3.3 cents, having climbed 3%.
