ASX shrugs off jobs data as iron ore, uranium, coal rally

Strong rallies from iron ore, coal and uranium producers overcame a surprise jump in jobs last month to lift the Australian sharemarket higher on Thursday.

The benchmark S&P/ASX 200 Index gained 32.6 points, or 0.5 per cent, to 7186.5 as eight of the gauge’s 11 sectors finished higher. The All Ordinaries also rose 0.5 per cent. The S&P/ASX 200 ended 0.5 per cent higher on Thursday. Tamara Voninski The shares climbed even as strong employment data bolstered the case for another rate rise by the Reserve Bank. The data showed 64,900 jobs were created in the month, beating forecasts for a gain of 23,000. The unemployment rate stayed at 3.7 per cent.

“Today’s set of numbers won’t give the [RBA] the breathing room it might have been hoping for to sign off on its rate hiking cycle,” said IG analyst Tony Sycamore in a note to investors. The central bank has […]

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