ASX Market Close: Strong jobs data dashes hopes of early rate cut | October 17, 2024

The Market Herald
2024-10-17

The ASX200 closed up around 0.9% at 8,355 points after hitting a new record of 8,384 points just before September jobs data was released this morning.

The better than expected unemployment rate of 4.1% saw markets reduce the odds of an RBA rate cut by years end from 1 in 2 to 1 in 3.

Industrials was the strongest sector, up 1.85%, followed by Financials and Real Estate, both up 1.65%.

IT was the biggest loser, down 1%, followed by Materials, down 0.4%.

In the Green

Neuren Pharmaceuticals (ASX:NEU) closed up 3% on news its Daybue product has been approved in Canada. This makes it the first and only drug approved in Canada for the treatment of Rett syndrome.

Neuren Pharmaceuticals closed at $13.08.

Euro Manganese (ASX:EMN) closed up 18.75% after proving reliability of its new demonstration plant with the facility running for five straight days.

Euro Manganese closed at 5.7 cents.

Koonenberry Gold (ASX:KNB) finished up 33.33% on news it’s set to transform into a gold and copper-gold explorer. The company will have a 4,410 square kilometre footprint across New South Wales.

Kooneberry Gold closed at 1.7 cents.

In the Red

OFX Group (ASX:OFX) closed down 35.75% on release of its first half update. The company delivered a net operating income of approximately $111 million and underlying EBITDA of approximately $29 million. The result was below investor expectations.

OFX Group closed at $1.46.

Appen (ASX:APX) closed down 6.88% after completing an institutional placement this week. The company raised $50 million and the allotment of the shares took place today.

Appen closed at $2.03.

American West Metals (ASX:AW1) closed down 1.08% on drilling results at its Storm Project in Canada. The thick and high-grade copper intersections from surface confirm the potential of its Chinook deposit as an open-pit, potential starter mine.

American West Metals closed at 9.2 cents.

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