Rio Tinto, BHP, and Fortescue Metals were solid throughout Thursday’s trade – each having their best session in weeks – while energy firms also outperformed on improved oil prices.
The market’s recovery began when the major banks and biotech CSL joined the party, while the return to pre-CVOVID employment levels also seemed to boost investor confidence.
CommSec markets analyst Steven Daghlian said the headline addition of 70,000 jobs for the month and a 5.6 per cent unemployment rate was better than most economists were expecting.
“The only negative is that all the job gains were part-time positions as opposed to full-time,” Mr Daghlian said.
“The next few months should be interesting too, with the wind-down of Jobkeeper.”
The ASX200 recovered from an early dive on Thursday as surprisingly robust jobs data helped the market edge closer to the all-time record set 13 months ago.
A strong performance by the iron ore giants and a better-than expected March jobs report helped the market claw back losses after an early tumble.
The local bourse ended 0.5 per cent higher at 7058.6 and touched a peak of 7071.5 late in the day, its highest point since February 20 last year.
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