Australia Stocks Crashed Despite Job Ads Surge

Australia Stocks Crashed Despite Job Ads Surge

On Monday, June 7, Australia stocks crashed on market close despite a surge in its job advertisement.

The losses were led by the sectors from Financials, Consumer Discretionary, Metals & Mining.

The benchmark S&P/ASX 200 fluctuated by 0.19%.

Meanwhile, its best performers were Altium Ltd, which jumped 39.03% at 37.83.

Followed by Nuix Ltd, which climbed 6.18% at 2.75, and Appen Ltd which rose 6.13% at 12.99.

However, the firm that pulled the benchmark to the ground this session was Skycity Entertainment Group Ltd which fluctuated 6.47% at 3.18.

This was succeeded by  Corporate Travel Management which lost 5.14% at 20.86 and Webjet Ltd which shed 4.91% to 5.04.

An analyst stated that the falling stocks outnumbered those who were advancing on the Sydney Stock Exchange by 734 to 607 and it closed unchanged.

The S&P/ASX 200 VIX which is measuring the assumed volatility of the S&P/ASX 200 bet, subsided by 10.03% to 12.085.

On the other hand, Australian job advertisements jumped for a 12th straight month last May reaching its highest since 2008.

This suggests that the demand for labor may withstand both COVID-19 curbs in Victoria and the abolition of some government support programs.

Earlier this day, the Australia and New Zealand Banking Group (ANZ) released that job ads sharply rose from 4.9% in April to 7.9% in May.

The advertisements smashed 220% at 213,894 from last year when the coronavirus pandemic closed a lot of industries.

Due to this, the unemployment rate sharply fell than the policy maker’s forecast of 5.5% in April.

Asian Shares Mixed

On Monday, Asian shares were mixed as investors digested the released Chinese trade data for May.

China’s Shanghai Composite rose 0.21% to 3,599.54 while the Shenzhen Component fluctuated to 14,862.60.

Same with Hong Kong’s Hang Seng index which subsided by 0.55%.

On the other hand, Japan’s Nikkei 225 jumped 0.27% at 29,019.24 while the Topix index also hopped nearly 0.1% at 1,690.85.

Consequently, the benchmark Kospi of South Korea closed 0.37% higher at 3,252.12.

Meanwhile, there are no stock data from Malaysia and New Zealand as both closed on Monday due to holidays.

Lastly, the MSCI’s widest index of Asia-Pacific Region’s stocks outside Japan traded at about 0.1% lower.