Following an unemployment update and despite climbing by as much as 0.7 per cent earlier today, the local sharemarket finished on a more modest note, with the ASX 200 up by 0.21 per cent or 14.3 points, to 6842.9. Eight sectors (of 11) and roughly 60 per cent of stocks in the ASX 200 finished in negative territory. The Energy sector (up 3.7 per cent) rose the most following an increase in oil prices overnight, and the Financials sector added 1.1 per cent – helped partly by an improvement in the Big 4 banks.
Unemployment data was released earlier today by the Australian Bureau of Statistics (ABS). The data revealed that in August, the unemployment rate rose to 3.5 per cent (survey: 3.4 per cent) despite 33,500 jobs (survey: 35,000) being added. Minutes following the update, the Aussie sharemarket added to its earlier gains and rose from a gain of around 0.2 per cent, to 0.5 per cent.
Coal miners Whitehaven Coal (WHC), New Hope Corporation (NHC) & Coronado Global Resources (CRN) were amongst some of the best performers in the market today after they rose by 4.6 per cent, 6 per cent and 9.1 per cent respectively. Their gains today were helped partly by an increase in the coal price overnight.
Link Group (LNK) has been advised that Dye & Durham has ‘received written confirmation from the Foreign Investment Review Board (FIRB)’ that the Commonwealth Government ‘has no objection to the proposed acquisition of LNK by Dye & Durham’. LNK shares however fell for a third straight day, losing another 0.85 per cent. Over this week so far, LNK shares are down 22 per cent.
In its FY22 results, Myer (MYR) announced a 13 per cent lift in its revenues to $2,989 million, and a 6 per cent increase in its statutory profits to $49 million. It declared a 2.5 cents-per-share final dividend (first final dividend since 2017) and said that its 2H profits “represented the best” profits since 2H FY13. MYR finished flat.
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Tyro Payments (TYR) announced the appointment of Jonathan Davey as CEO. Mr Davey is ‘currently CEO of TYR’s Health business’ and ‘joined TYR in May 2021’. TYR says that Mr Davey will ‘officially commence as CEO on 3 October 2022’, and that outgoing CEO Robbie Cooke has ‘offered his services’ until 31 December. TYR shares shed 3.75 per cent.
South32 (S32) fell by 5.88 per cent, making it one of the worst performers on the market. This comes after the miner traded exdividend today for its largest ever dividend (20.27c/share).
In the US tonight, retail sales and industrial production figures are released alongside import and export prices. And the Philadelphia Federal Reserve index and the Empire State manufacturing index are both issued with business and retail inventories and the usual weekly data on claims for unemployment insurance (initial jobless claims).
4.4bn shares were traded, worth $8.6bn. 720 stocks rose, 651 fell & 409 finished unchanged.
Originally published by Divik Nigam – (Author), CommSec
