Market Updates

End of Day Report – Thursday 16 January: ASX jumps 114 on US move | Jobs data still firm


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 ASX 200 jumped 114 points to 8324 (+1.4%) following the US rally. Jobs numbers stifled gains to some extent coming in at 4% with any RBA cut in February a distant dream. Banks as usual led the charge higher as US banks delivered in spades, CBA up 3.0% and ANZ up 2.7% with the Big Bank Basket up to $256.84 (+2.9%). MQG put in a solid day up 3.2% with insurers and other financials also doing well. GQG finally saw some reasons to be cheerful, up 2.5%. REITs too were in demand led by tech GMG, up 3.2% and SGP leaping 3.7%. Industrials firmed, Tech did well with the All-Tech Index up 1.4% as WTC rallied 2.6% and XRO up 1.5%. TLS fell another 0.5% as the trading bots trumped the customer service bot upgrade. Retail found some friends as MYR and PMV rallied hard on the upcoming vote. In resources, Iron ore went nowhere, RIO production report failed to ignite any animal spirits, gold miners were generally better, GMD up 4.4% on a presentation and lithium stocks finding some support again. PLS up 2.2% and IGO up 0.6%. Energy stocks modestly better. DYL up 3.6% and STO up 1.0%. In corporate news, TAH soared on news of its first chief wagering officer. Whatever that is. NEU rallied hard on a Healthcare conference presentation. On the economic front, economists were once again wrong-footed with soaring PT jobs created and the headline rate modestly higher at 4%. RBA will continue to be sidelined! Asian markets better. Korea keeps rates unchanged.

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