• Aussie unemployment rate is at 4%, lowest in 14 years
  • ASX up 1% for the second consecutive day
  • Tech index is up 3% for the second consecutive day

 

Local shares were up 1%, driven by the rally on Wall Street overnight and a jobless rate that has dropped to the lowest level in 14 years.

According to ABS data today, our unemployment rate is at 4% in February, the lowest since 2008, as 77,400 people found jobs. Hours worked rebounded dramatically after plummeting in January.

The upbeat data is expected to pile the pressure on the RBA to hike rates, particularly after the US Fed increased its cash rate by 0.25% overnight.

Fed Chairman Jerome Powell said that he won’t stop until rates are between 1.75% and 2% by end of the year, in order to control the highest US inflation in 40 years.

Expectations of an RBA rate hike has pushed the Aussie dollar surging, and the time of writing it has appreciated to US 73.2c.

The RBA has not raised rates in the last 40 years, making it the most dovish central bank in the developed world ahead of Japan.

By sector, Tech was again the best performing today, up by another 4% after surging by 3% yesterday.

Oil prices are also continuing to ease after skyrocketing in the wake of the Russian invasion of Ukraine. At the time of writing, benchmark Brent crude is at US$99.50 a barrel.

 

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort.

Investors are picking up stocks that have gone down over the past two weeks.

Zimplats (ASX:ZIM), Novonix (ASX:NVX), and Vulcan Energy (ASX:VUL) are some of the stocks that caught a bid today, up by around 6% each.

James Hardie (ASX:JHX) has entered a deal into an agreement to purchase land in Melbourne, Victoria, Australia to enable continued capacity expansion.

New CEO Harold Wiens stated, “Adding a manufacturing site in the State of Victoria enables James Hardie to continue to meet the strong demand for our high value building solutions in the Asia Pacific region.”

Block Inc (ASX:SQ2) continues to make a comeback, and was up 10% today on no specific news.

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.