The ASX 200 trimmed its weekly gains to 0.8% after today’s close of 0.77%, with the biggest losses felt in the energy and technology sectors. ASX Small Ordinaries lost more than 1.1%, while gold shares also underperformed during the session.
Energy stocks saw oil prices fall after a report highlighted growing U.S. crude supplies. Santos fell 2.4%, Woodside fell 0.9% and Beach fell 4.1%.
AMP was the worst performer on the ASX 200, losing 16.3% after the financial services company signaled it was launching a new digital bank and lowered its margin expectations. The financial services company says the new digital bank will target sole proprietors and very small businesses, but will cost $60 million in FY24 and FY25.
55,000 new jobs were added last month
Today’s employment data for October showed that 55,000 people found work during the month – twice as many as forecast. However, the unemployment rate increased slightly to 3.7%. The ABS said that while many people found work during the month, almost 28,000 were seeking unemployment benefits.
The October job gain followed a job gain of just 8,000 in September.
Today’s ABS employment data follows yesterday’s news that wage growth hit a 14-year high in September, sparking inflation fears that would put pressure on the RBA to raise interest rates again.
Australian wages rose 1.3% in the quarter ending September 30. The rise, the ABS said yesterday, marks the biggest quarterly increase since records began in 1997, taking annual wage growth to a 14-year high of 4%.
Markets currently forecast just an 8% chance the RBA will raise the interest rate to 4.6% next month, but see a 50% chance of another rise by June next year, with inflation expected to be more persistent than expected.
Five at five
Reward Minerals has signed an exclusivity agreement to acquire the Beyondie SOP Project
Reward Minerals Ltd (ASX:RWD) has entered into an exclusive agreement with shareholders of Kalium Lakes Limited in connection with the potential acquisition of the Beyondie Sulphate of Potash (SOP) project in Western Australia.
Gold Hydrogen ready to drill Ramsay 2 hydrogen well
Gold Hydrogen Ltd (ASX:GHY) is set to commence drilling the Ramsay 2 well as part of its flagship Ramsay natural hydrogen project in South Australia. The company is mobilizing contractors and company managers to the Ramsay 2 well site and drilling operations are on track to begin drilling within the next 24-48 hours.
Andromeda Metals supplies the first 53.5 million tons of kaolin resources for the chairlift
Andromeda Metals Ltd (ASX:ADN) has provided a Mineral Resource Estimate (MRE) of 53.5 million tonnes of ISO 81.9 kaolinized granite for its chairlift deposit in South Australia.
Global Lithium Resources achieves flotation recovery of over 95% in Manna Lithium Project DFS testing
Global Lithium Resources Ltd (ASX:GL1) has made progress on its definitive feasibility study (DFS) for its Manna Lithium project in Western Australia, demonstrating strong levels of lithium flotation and recovery during testing.
Andromeda Metals has partnered with Hallett Group on its Great White HRM green cement product
Andromeda Metals Ltd (ASX:ADN) has signed a strategic alliance agreement with South Australian construction and building materials company Hallett Group.
On your six
US watchdog calls on FTC to investigate X for misleading advertising
US advertising industry watchdog Check My Ads has formally asked the Federal Trade Commission (FTC) to investigate X (formerly known as Twitter) for what it calls “inherently deceptive” advertising practices.
One to watch
Great Boulder says Side Well is an absolute champion
Great Boulder Resources Ltd (ASX:GBR) chief executive Andrew Paterson tells Proactive the company has increased gold at its Side Well project near Meekatharra in Western Australia with an updated Mineral Resource Estimate (MRE) which increased total resources by 29% to 668 000 ounces with a weight of 2.8 g/t gold.
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