S&P/ASX 200 rallies 0.88% as job market recovery gains momentum

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S&P/ASX 200 rallies 0.88% as job market recovery gains momentum

S&P/ASX 200 (INDEXASX:XJO) surged 0.88% to 6,738 around 2 pm after a larger than expected lift in jobs across the country for November with 90,000 jobs added over the month.

Local shares were witnessing a broad-based improvement with nearly all sectors in the green.

Afterpay (ASX:APT) has again hit a new all-time high of $119.30 per share. The buy-now-pay-later stock has hit a new record high every day this week.

The big miners Fortescue Metals (ASX:FMG), BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) have all gained more than 1% as iron ore prices continue to rise.

Job market recovery continues

Employment is Australia rose by 90,000 in November (consensus: +40,000) after increasing by 180,400 jobs in October.

Full-time jobs across the country increased by 84,200 and part-time jobs rose by 5,800.

The unemployment rate has declined from 7% per cent to 6.8% in November (consensus: 7.0%).

Australia’s job market recovery continues but 942,100 Aussies are still jobless in November – just below the record high of 1 million people in July.

The labour market is yet to fully recover as total employment is still 143,200 below pre-pandemic levels in February.

Top gainers

Today’s top gainers on the ASX include Cobalt Blue Holdings Ltd (ASX:COB) (+8.70%), Fenix Resources Ltd (ASX:FEX) (+7.14%), Whitebark Energy Ltd (ASX:WBE) (+50.00%), Brookside Energy Ltd (ASX:BRK) (+42.86%), Cauldron Energy Ltd (ASX:CXU) (+8.57%), Engage:BDR Ltd (ASX:EN1) (+20.00%) and Southern Gold Limited (ASX:SAU) (+10.00%).

Proactive news headlines:

RPM Automotive Group on-track to complete proposed acquisition of Traralgon Tyre Services

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Orthocell completes pivotal step in TGA approval process for CelGro®

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Carnavale Resources sets stage for strong Kookynie Gold Project newsflow

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Artemis Resources’ first drilling at Paterson Central next to Havieron reveals gold and copper potential

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Imugene completes enrolment of first cohort of patients in Phase I clinical trial of checkpoint immunotherapy candidate PD1-Vaxx

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Cipherpoint in partnership with DataAssure to explore new opportunities in Hong Kong and Macau

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XTEK signs MoU with Milrem Robotics to become its unmanned ground vehicle representative in Australia and New Zealand

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Brookside Energy sells first oil from Mitchell Well as part of Orion Project JV

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Euro Manganese closes second tranche of private placement to raise gross proceeds of C$5.339 million

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PolarX assays extend Zackly East mineralisation with intersection of 5 g/t gold and 3.15% copper

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Element 25 and OM Holdings extend manganese offtake exclusivity period for Butcherbird Project

Element 25 Ltd (ASX:E25) (FRA:QFP) and OM Holdings Ltd‘s (ASX:OMH) subsidiary OM Materials (S) Pte Ltd have agreed to an extension to the manganese ore offtake exclusivity period for its Butcherbird Manganese Project in Western Australia.

Lithium Australia’s subsidiary Envirostream Australia completes harvest of micronutrient field trial

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Rimfire awaits results from 100%-owned The Valley with more drilling upcoming

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