The ASX 200 rose 16 points to 8,839 (+0.2%) after a strong start was derailed by better-than-expected jobs data.
Banks were firm, with CBA climbing 0.4% and the Big Bank Basket up to $284.71 Elsewhere, financials eased back following the news from MQG that CEO Shemara Wikramanayake will step down in November to be replaced by Greg Ward. The stock fell 0.5% on the news. We also saw losses in the insurance sector, with QBE down 1.1% and SUN falling 1.9%. Once again, it was the industrials that came under pressure, with the tech space falling hard as US software stocks weakened. XRO dropped 5.0%, WTC fell 7.0%, and TNE also suffered. The All-Tech Index fell 2.9%, with 360 down 5.5% too. Industrials eased back, with TLS down 0.6%, while REA, CAR and SEK also fell. Retail stocks were weaker, led lower by WES. Utilities firmed, with ORG up 0.8%.
Resources were stronger again today, with BHP up 1.5% and FMG rising 1.0%. S32 had another good day, and we saw a bounce in lithium stocks, with LTR up 3.6% and PLS rising 1.9%. Gold miners were also slightly firmer as bullion managed to hold on to recent gains. Coal stocks were better, along with uranium names, with PDN the standout following broker upgrades, up 11.6%.
In corporate news, GDG had a cracker of a day, rising 37.1% after updating its funds under management. STO narrowed its production guidance to 99m to 105m barrels of oil equivalent. Elsewhere, SFR had a good day after reporting record quarterly revenue.
In economic news, the latest jobs data pointed to a resilient economy, with the unemployment rate holding at 4.4%, although most of the employment growth came from part-time jobs. The result is likely to keep pressure on the RBA to raise interest rates.
Asian markets were better, Nikkei 225 up 0.9, HK up 1.4% and China up 0.1% - Korea up 4.3%. US futures drifting lower - Dow down 44 and Nasdaq down 100. Oil firms. European futures off slightly.
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