Latest news

The Aussie market is back in the winner’s column for a third time this week, with the ASX 200 up by ~0.7 per cent. This is more than enough to recoup Wednesday’s 0.27 per cent decline and follows a strong lead from Wall Street overnight.

While Australian equities are still down by ~1 per cent in September, it is mainly due to an outsized 1.9 per cent slump for our market last Thursday. This was the largest daily decline in 6 ½ months. The ASX 200 is still up by more than 13 per cent calendar Year-to-Date.

Energy stocks are standing out on Thursday, following a 3.1 per cent jump in oil prices. Major iron ore miners are managing to lift despite a 5.8 per cent tumble in the iron ore price. Iron ore is continuing to experience its most volatile period in approximately five years.

The latest labour market report was handed down at 11:30am AEST this morning. Employment declined by
146,300 in August (consensus -80,000), mainly due to the NSW lockdown. Keep in mind that economist expectations were varied across Australia. Full-time employment fell by 68,000 while part-time positions dropped by 78,200. While the unemployment rate improved from 4.6 per cent to 4.5 per cent, the ABS pointed out that this was due to a drop in the participation rate rather than strength in the labour market.

Australian Pharmaceutical Industries (API) is up by 16 per cent after receiving a sweetened takeover offer from Wesfarmers (WES). WES has made a revised $1.55 per share cash bid (previous offer of $1.38 was made on 12 July 2021.

Domain (DHG) has agreed to acquire Insight Data Solutions. Its technology focuses on real estate valuation for governments, corporates and consumers.

Telstra (TLS) is holding its annual investor day with shareholders today, saying it is confident of maintaining a minimum of 16cps dividend and $500m in further cost reductions.

3.6bn shares have changed hands today worth $5.1bn. 830 stocks are lifting, 493 are down and 408 are
unchanged.

Published by CommSec