End of Day Report – Thursday 16 May: Cracking Day on Jobs Data | Banks Hit Records

ASX 200 jumped 128 points (+1.7%) to 7881 as good US CPI and better-than-expected local jobs data created a tsunami of buying in large caps. Big banks closed higher, CBA was up 1.9% to fresh highs, and the Big Bank Basket was up to $211.81 (+2.0%), close to a record high. NAB the standout up 2.4%. MQG also doing well up 2.9%, with insurers and financials rallying hard. QBE up 1.0% and SUN up 0.8% with MPL under another hacking cloud down 0.5%, but it seems it was not them this time. REITS screamed higher on lower rates and possible rate cuts. 4.1% the headline number on the unemployed is good news for Bullock, just not such good news for the unemployed. GMG up 4.1% with SGP up 1.7% and SCG rallying another 2.8%. Industrials firm across the board. WOW up 1.7%, and COL up 1.5%. TCL rose 1.6%, and SVW had a good day up 3.2% with BLD rising in its wake. Tech stocks on a tear, with WTC up 4.4% and XRO up 4.8% as the All-Tech Index rose %. Resources were also in demand. The ‘Three Amigos’ all doing well, BHP up 1.0% and FMG up 2.2%, with lithium plays shrugging off some early losses, PLS up 0.8% and MIN up 1.6%. Gold miners were in demand, with big rallies in EVN up 2.6%, and BGL up 2.2%. Oil and gas stuck in the slow lane. In corporate news, ACCC has intervened in the bidding war for NAM, ALL jumped 12.3% on better-than-expected results. And IPL better by 5.3% on its results. On the economic front, revisions for March and a worse (better) than expected 4.1% in April on the unemployment number saw all bets on a rate hike erased. Asian markets better, with Japan up 0.2% HK up 1.7% and China up 0.4%.

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