The Aussie market is adding to its improvements made yesterday with the ASX 200 lifting another 44 points or 0.64% to 6,722 around midday and is trading near intraday highs at lunch.
The big update today has been the larger than expected lift in jobs across the country for November with 90,000 jobs added over the month with 84,200 being full-time roles and the remaining 5,800 part-time. The unemployment rate also fell to 6.8% from 7% in October. Overall strength continues to be underpinned by the recovery in the Victorian economy which saw employment increase by 74,000. The AUD has advanced to 75.8 US cents.
Local shares have seen rather broad based improvements as nearly all sectors lift. IT has again been the standout with Afterpay (APT) again hitting new record highs of $119.30 per share. It has hit a new record high every day this week. ZipCo (Z1P) is 3% higher after raising $120 million from institutional investors to fund global growth in the US.UK and to drive its Zip Business brand in Australia.
Materials and communications are the other standout performers. The big miners of Fortescue Metals (FMG), BHP Group (BHP) and Rio Tinto (RIO) are all lifting more than 1% as iron ore continues to enjoy improvements. FMG is experiencing the biggest increase with a gain of 1.7%.
There have been several big moves for some of the smaller communication stocks. WPP AUNZ (WPP) is rallying 21% on improved trading in the second half of 2020 and an improved takeover bid by WPP Plc, a British based advertising & PR company.
Nine Entertainment (NEC) is also 3% higher as trading conditions continue to improve for the media company. Earnings Before Interest, Taxes, Depreciation & Amortisation (EBITDA) for the 6 months to December is now expected to be 40% higher with December Quarter Metro FTA revenue improving.
Bapcar (BAP) is gaining 3.5% after the auto parts maker upgraded its 1H21 and FY20 NPAT expectations on strong revenue growth. The a2 Milk Co. is in a trading halt as the company is to release an update about revision of previously released guidance.
Published by CommSec