Job vacancies increased by 23% in November quarter: ASX tracking 0.3% lower at noon

Job vacancies increased by 23% in November quarter: ASX tracking 0.3% lower at noon



 

The Australian sharemarket opened lower this morning. The S&P/ASX 200 Index is 18 points down or 0.3 per cent lower at 6,662. Futures are pointing to a fall of 18 points. Share in Premier Investments (ASX:PMV) hit an all-time high after reporting that they expect a significant uplift in first half profit.

Economic News

Job vacancies increased by 23 per cent in the three months to the end of November, to 254,400, according to the Australian Bureau of Statistics. Job vacancies gained 12 per cent on an annual basis.

Broker call

Morgans rates Novonix (ASX:NVX) as a Downgrade to a Hold from an Add. The downgrade comes in response to a sharp rally in the share price, which the analysts believe is due to optimism towards EVs and new batteries following the election of Joe Biden as president of the US. Earnings estimates have been reduced due to delays to the company's contract with Samsung. While the company offers high growth potential, stockbroker Morgans points to some uncertainty given it’s still in the early stages of development. Target price is $1.33. Shares in Novonix (ASX:NVX) are currently 7.1 per cent lower at $1.57.

Company news

Cedar Woods Properties (ASX:CWP) has acquired land in Melbourne’s north next to an existing site to for a combined project to accommodate a community of 800 lots plus two new schools. The additional land was bought for $30 million from a private land owner, with payment deferred until 2022. Cedar Woods expects this additional Wollert landholding to contribute to earnings by FY23. Shares in Cedar Woods Properties (ASX:CWP) are trading 0.5 per cent higher at $6.40.

Best and worst performers

The best-performing sector is Energy adding 3.7 per cent while the sector trailing behind is Consumer Staples losing 1.8 per cent.
The best performing stock in the S&P/ASX 200 is Premier Investments (ASX:PMV) rising 13.7 per cent to $25.58, followed by shares in Cimic Group (ASX:CIM) and Oil Search (ASX:OSH).
The worst performing stock in the S&P/ASX 200 is Polynovo (ASX:PNV) dropping 7.1 per cent to $2.74, followed by shares in Mesoblast (ASX:MSB) and Altium (ASX:LYC).

Commodities

Gold is trading at US$1,856 an ounce.
Iron ore is 0.2 per cent higher at $169.33.
Futures are suggesting a rise of 1.5 per cent.
One Australian dollar is buying 77.65US.

 
Copyright 2021 – Finance News Network


Source: Finance News Network

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