At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is trading mostly flat at 6,048.8 points.
Here’s what is happening on the market today:
Bank shares push higher.
The big four banks are trying their hardest to drive the ASX 200 higher on Thursday. All four banks are pushing higher at lunch, with the National Australia Bank Ltd (ASX: NAB) share price the standout performer. It is up 1.2% at the time of writing. Investors appear to have responded positively to news that Australia added almost 211,000 jobs to the economy in June.
Unemployment data
This morning the Australian Bureau of Statistics released its employment data for the month of June. According to the release, seasonally adjusted employment increased by 210,800 people during the month. And while the unemployment rate rose month on month from 7.1% to 7.4%, this was due to more people going back out to look for work. Bjorn Jarvis, head of labour statistics at the ABS, explained: “The easing of COVID-19 restrictions in June saw an extra 280,000 people in the labour force, with more people in employment, and more actively looking and available for work.”
Travel share rise.
Promising coronavirus vaccine news in the United States has given travel and tourism shares a boost on Thursday. The likes of Qantas Airways Limited (ASX: QAN) and Webjet Limited (ASX: WEB) are outperforming the benchmark index at the time of writing. This follows the release of data published by the New England Journal of Medicine which shows Moderna’s coronavirus vaccine produced a robust immune response in all 45 patients in its early stage human trial.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Thursday is the Vocus Group Ltd (ASX: VOC) share price with a gain of almost 5%. Last week UBS upgraded its shares to a buy rating with a $3.60 price target on valuation grounds. The worst performer has been the Breville Group Ltd (ASX: BRG) share price with a 5% decline. This appears to be down to profit taking after some strong gains this week.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post ASX 200 flat: Big four banks and travel shares push higher, Breville tumbles lower appeared first on Motley Fool Australia.
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