• The ASX snapped a two-day losing streak
  • Xero jumped 8pc despite deepening its loss, Nufarm surged 14pc on higher profit
  • Aussie jobless rate rose to 3.7pc

 

Mining and tech stocks lifted local shares today, as the ASX index closed +0.4% higher.

Investors were buoyant after the softer than expected jobs report bolstered expectations the RBA could loosen its tight monetary policy.

According to the ABS report today, Australian jobless rate rose to 3.7% in April, compared to 3.5% in March.

The market had expected the rate to stay at 3.5% in April. The economy meanwhile lost 4,300 jobs in April, with a participation rate of 66.7%.

 

China resumes Aussie timber imports

In a major turning point, China said today that will resume its imports of Australian timber.

Treasurer Jim Chalmers praised the development, saying:

“Our objective all along has been to stabilise the economic relationship with China.

“We recognise the complexities in managing this relationship. We have so much to gain from a region which is stable and secure, peaceful and prosperous,” he said.

The decision came as China’s ambassador to Australia Xiao Qian thanked the Australian government for assisting in the rescue mission of a Chinese fishing boat that capsized in the Indian Ocean.

Latest reports are that 39 people are still missing , comprising of 17 crew members from China, 17 from Indonesia and 5 from the Philippines.

 

BIG CAP WINNERS

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Crop protection specialist Nufarm (ASX:NUF) surged 14% after delivering an 7% increase in underlying NPAT to $142 million for the first half, on revenue of $2 billion.

Statutory net profit after tax for the half was $149 million, up 51% on pcp. The company also affirmed its earnings outlook for the year.

Kiwi tech giant Xero (AS:XRO) jumped 8.5% after delivering revenue growth of 28% for the full year, and an increase in adjusted EBITDA of 45% compared to FY22 to NZ$301.7 million.

However the company reported a net loss after tax of $NZ113.5m, compared to a $NZ9.1 million loss in the pcp.

 

BIG CAP LOSERS

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Gaming machine maker Aristocrat Leisure (ASX:ALL) generated revenue growth of 12% for the half, driven by its North America Gaming Operations and resilient performance from Pixel United amid a challenging environment. Normalised NPATA was $659 million, up 14% on pcp. Its full year guidance remains unchanged.

Oil producer Beach Energy (ASX:BPT) said that after reaching an agreement with Webuild SpA to complete the project following Clough’s voluntary administration process, the tight labor market in WA has affected construction progress and created uncertainty in outcomes.

As a result, Beach no longer considers it appropriate to maintain its previous schedule and capital estimates. Despite these challenges, BPT says the Waitsia project remains an important part of its future strategy.

Infrastructure stock Dalrymple Bay (ASX:DBI) has confirmed an increase in its terminal Infrastructure charge for TY-23/24, demonstrating its strong access pricing framework and ability to handle inflation. DBI says it is confident in its business resilience to ensure uninterrupted capacity and support its growth projects and transition strategy.

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