Australia Stocks fall on profit booking, disappointing jobless rate

The Australian share market finished session lower on Thursday, 16 July 2020, as investors opted for profits after news the nation's unemployment rate hit a 22-year high of 7.4% in June, with coronavirus lockdowns helping to push nearly one million Australians out of a job.

At closing bell, the benchmark S&P/ASX200 index fell 42.02 points, or 0.69%, to 6,010.90. The broader All Ordinaries dropped 37.36 points, or 0.61%, to 6,123.00.

The materials sector lost 0.5% for the day, with Rio Tinto down 1.4% at $103.51 and BHP losing 0.6% to $37.76. Fortescue Metals pulled the other way with a 0.5% rise to $16.11.

 

The financials dropped 0.7% with Westpac leading the losses for the big banks, down 1% to $17.81. Macquarie was an exception, adding 0.8% to $124.75.

ECONOMIC NEWS: Australia Unemployment Rate Climbs To 7.4% In June- Australia unemployment rate came in at a seasonally adjusted 7.4 percent in June, the Australian Bureau of Statistics said on Thursday, up from the downwardly revised 7.0 percent in the previous month. The Australian economy gained 210,800 jobs in June to 12,328,500, following the loss of 227,700 jobs in May. Full-time employment decreased 38,100 to 8,489,100 people and part-time employment increased 249,000 to 3,839,400 people. Unemployment increased 69,300 to 992,300 people.

CURRENCY NEWS: The Australian dollar changed hands at $0.6987 following a rise from levels below $0.696 seen earlier in the trading week.

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