The Aussie sharemarket edged higher to break a three day losing streak as the ASX 200 added 13.5 points or 0.2 per
cent to 7135.7. Nine (of 11) sectors finished higher. The previous session’s largest gainers, energy and materials,
lost 2.1 per cent and 1.2 per cent respectively to be the only sectors to close in negative territory. The financials sector
managed to finish in positive territory despite Westpac Banking (WBC) trading ex-dividend.
In economic news, the unemployment rate eased from 3.54 per cent in September to a fresh 48-year low of 3.39 per cent in October. Employment rose by 32,200 people with full-time jobs up by 47,100, but part-time jobs fell by 14,900. The Reserve Bank is expected to lift rates another quarter of a per cent in December, taking the cash rate to 3.1 per cent.
ASX Ltd (ASX) paused work on its CHESS replacement project following independent and internal reviews due to
‘technology, governance and delivery challenges’ and the project cost of $245 million – $255 million pre-tax in 1H23 will be derecognised. ASX lost 0.2 per cent.
Webjet (WEB) finished 10.1 per cent higher after posting its 1H23 results. Revenue climbed 217 per cent to $175.5
million, expenses increased 43 per cent to $101.8 million and NPAT was $4 million (previously a $60 million loss),
compared to the prior corresponding period. WEB noted ‘Group bookings back to pre-pandemic levels’ and they are ‘expecting to exceed pre-pandemic underlying earnings in FY24’.
Perpetual (PPT) & Pendal (PDL) revised the consideration mix for PPT’s 100% acquisition of PDL. Both companies
resumed trading from a brief trading halt, following a court decision that PPT would not be limited to a $23 million ‘break free’ clause in the event PPT decides to terminate the acquisition. PPT finished 12.6 per cent lower while PDL
gained 10.5 per cent.
Top Australian Brokers
Pilbara Minerals (PLS) finished 0.4 per cent lower having posted results from its latest BMX auction. A cargo of 5,000 dry metric tonnes (dmt) was presented for sale. PLS intends to accept the highest bid of US$7,805/dmt, equating to a price of US$8,575/dmt inclusive of freight costs.
In the US tonight, Kohl’s and Macy’s are scheduled to report earnings.
Today, 2.9bn shares were traded, worth $7.3bn. 696 stocks rose, 662 fell while 406 finished unchanged.
Originally published by CommSec