• Local shares rose today as jobless rate fell to 3.6%
  • The number of employed people in Australia reach 14 million for the first time
  • Iron ore squillionaire Gina Rinehart wants to sell our lithium to India

 

The ASX closed +0.25% higher on Thursday as unemployment rate fell to 3.6% in May from 3.7% in April.

According to ABS data today, the number of people getting jobs during the month increased by around 76,000, and the number of unemployed decreased by 17,000 people.

The increase in employment in May also saw the number of employed people in Australia reach 14 million for the first time.

“Just before the start of the pandemic almost 13 million people were employed in Australia. In May 2023, this had risen to just over 14 million people,” said Bjorn Jarvis, ABS head of labour statistics.

The participation rate for women rose 0.2% to 62.7%, and remained at 71.2% for men.

“A greater share of women in Australia are employed than ever before, with their employment to population ratio and participation rate both at record highs in May,” Jarvis said.

Following the strong report, a July interest rate rise by the RBA has now become more likely.

“We expect to see two more rate hikes before the RBA takes a protracted pause,”Oxford Economics’s Sean Langcake told the AFR.

 

Rinehart moves into lithium space

On the ASX today, Tech stocks led while Healthcare stocks tumbled.

Rail freight operator Aurizon Holdings (ASX:AZJ) was the best-performing large cap, up by 4% on no specific news.

In the mining space, Gina Rinehart is looking to move from investor to miner in a bid to supply India with lithium.

The iron ore magnate is the latest corporate giant to move into the EV metal, with her company Hancock Prospecting expected to pay for a stake in the Mt Bevan lithium project in WA.

Now read: Ground Breakers: Iron ore squillionaire Gina Rinehart wants to sell our lithium to India.

Coal stocks also advanced today, while gold stocks lagged.

Spot gold is trading down half a percent in Asian hours to US$1,935.50 an ounce.

“Gold is still holding on as Powell’s constructive comments about inflation progress supports the markets’ case that the Fed may just have to deliver one more rate hike,” said Oanda analyst, Edward Moya.

 

BIG CAP WINNERS

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Cleanaway Waste Management (ASX:CWY) announced that Non-Executive Chairman Mark Chellew will retire from the Board before the 2023 AGM. Philippe Etienne has been appointed Deputy Chairman, and will be appointed Chairman following Chellew’s departure. CWY says Etienne has a deep knowledge and experience of Cleanaway having joined the Board in May 2014, and has played a key role guiding the company over a period of sustained growth.

 

BIG CAP LOSERS

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Chalice Mining (ASX:CHN) dropped -3% after announcing the completion of its $6.42 million Share Purchase Plan (SPP) to retail investors. The SPP compliments Chalice’s successful $70 million institutional placement, which was completed on 19 May.

Adriatic Metals (ASX:ADT) slumped -2% despite announcing that its Q1 and Q2 exploration objectives for the Rupice Northwest deposit were met and exceeded. The company reported extension of mineralisation westward; extension of mineralisation to the south-west towards Rupice; definition of the high-grade RNW ‘Lower Zone’; and resolving RNW to be a separate but overlapping mineralised body.

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