The benchmark ASX 200 index rebounded by 0.54% today, after a better than expected jobs data released by the ABS.

The Australian unemployment rate inched higher to 4.6% in September from 4.5% in August, but was still lower than the economists’ forecast of 5%.

At the sector level, Tech and Mining were the clear winners today, surging by 4% and 2% respectively while Energy was the main laggard.

The rotation into tech stocks follows a rally in US tech stocks overnight which saw the Nasdaq rising by almost 1%.

ASX stocks like Wisetech (ASX:WTC) and Xero (ASX:XRO) were up by 7% and 5% respectively on the back of sentiment.

Local investors are also awaiting the weekly US jobless claims, which will be released overnight.

 

BIG CAP WINNERS

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Fund manager Netwealth (ASX:NWL) rose 15% after releasing a quarterly update which shows that funds under management (FUA) has reached $52bn following a record a $4bn inflow in the last three months. The company has now upgraded its FUA outlook for FY22 from $10bn to $12.5bn.

The investment and superannuation platform, Hub24 (ASX:HUB), also recorded net inflows for the quarter, registering a $3bn increase to $63.2 billion. The record quarter comes on the back of a record FY21 as the company continues to build on its Xplore platform.

A2 Milk (ASX:A2M) has continued its climb, rising by another 3% today after its 13% rise yesterday.

The A2M shares have been rising on optimism the Chinese daigou sales channel could soon restart as borders reopen.

The shares were also buoyed by an earnings announcement from Bubs Australia (ASX:BUB) yesterday, which reported a 96% increase in its Q2 gross revenue mainly on the back of infant milk sales in China.

African gold miner Perseus Mining (ASX:PRU) was up after results from infill drilling at ‘Yaouré’ — like 9m @ 5.42 g/t Au from 221m — confirmed strong potential for further mineral resources beneath the currently operating CMA open pit.

BIG CAP LOSERS

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E-commerce play Redbubble (ASX:RBL) slumped 12% after reporting a weak quarter Q1. Its quarterly revenue sank 28% to $106m while gross profit was down by 34% to $42m.