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S&P/ASX 200 falls 0.74% as unemployed tops one million for the first time

Bureau of Statistics figures shows unemployment passing a two-decade high, reaching 7.5% in July.

Argent Minerals Ltd - S&P/ASX 200 falls 0.74% as unemployed tops one million for the first time
Gold prices rose on Thursday, holding firm above the key US$1900 per ounce level

S&P/ASX 200 (INDEXASX:XJO) has dipped 0.74% to 6,087 by 12.30 pm as the number of people unemployed in Australia topped the one million mark for the first time since records began 42 years ago.

The Australian Bureau of Statistics (ABS) said the jobless rate edged up to 7.5% in July with the participation rate jumping to 64.7%.

Australia added almost 115,000 jobs through July but the ABS figures showed there are now more than one million people without work for the first time.

Woodside books loss

Woodside Petroleum (ASX:WPL) has booked a net loss after tax of $5.71 billion for the six months to June 30, with the haemorrhage predominantly from impairment charges that devalued the company’s assets by $5.46 billion.

Telstra Corporation Ltd (ASX:TLS) profit has fallen by 14.1% per cent as the COVID-19 pandemic and national bushfire crisis put pressure on the telco.

The country’s largest telco provider reported a 6% dip in total income to $26.2 billion and net profit after tax of $1.8 billion for the full financial year.

COVID-19 update

After a spike in cases yesterday, Victoria has recorded a big drop in new COVID-19 cases today with 278 new infections and eight deaths. 

Latin America and the Caribbean have become a new global epicentre of the pandemic, and the UN warned several countries in the region are “now among those with the highest per capita infection rates worldwide.”

Daily new COVID-19 cases in the US fell again on Tuesday, marking three straight days of daily new count below 50,000.

However, some epidemiologists caution it’s too early to establish a declining trend, particularly because the falling number of new cases come as nationwide testing falls as well.

Top gainers

Today’s top gainers on the ASX include Calima Energy Ltd (ASX:CE1) (+14.29%), Cardiex Ltd (ASX:CDX) (+11.36%), Rimfire Pacific Mining N L (ASX:RIM) (+20.00%), Domacom Australia Ltd (ASX:DCL) (+10.53%) and 9 Spokes International Ltd (ASX:9SP) (+11.43%).

Proactive news headlines:

Horizon Minerals raises $16.1 million to accelerate its largest ever gold exploration program

Horizon Minerals Ltd (ASX:HRZ) will use $16 million raised in a heavily oversubscribed placement to complete its largest-ever exploration program in the prolific gold producing region around Kalgoorlie-Boulder in the heart of Western Australia's Goldfields.

XTEK opens $2 million SPP to support international ballistic strategy and commercialisation plans

XTEK Ltd (ASX:XTE) has opened its share purchase plan (SPP) to raise up to A$2 million through the issue of the new shares at A$0.69 per share.

Great Boulder Resources extends Blue Poles gold discovery to 600 metres strike length

Great Boulder Resources Ltd (ASX:GBR) has received new assay results from aircore drilling at the Whiteheads Project near Kalgoorlie which have extended the discovery at Blue Poles prospect to more than 600 metres.

Southern Cannabis CEO expects rapid growth for Australia’s medicinal cannabis market

Southern Cannabis Holdings’ director and chief executive officer Tim Drury provided a positive outlook for the medicinal cannabis market in Australia during this week's Proactive medical cannabis virtual investor conference.

Nexus Minerals begins exploration drilling at Wallbrook Gold Project in WA's Eastern Goldfields

Nexus Minerals Ltd (ASX:NXM) has the drill spinning in a new exploration program at Wallbrook Gold Project in Western Australia’s Eastern Goldfields, where the company is actively investing in new techniques.

Argent Minerals receives strong commitment from investors to raise $2.2 million

Argent Minerals Limited (ASX:ARD) has received strong commitments from investors to raise $2.2 million via the placement of shares at 5.5 cents per share to fund exploration across its projects in New South Wales.

St George Mining buoyed after intersecting intrusive rocks at Mt Alexander nickel-copper prospects

St George Mining Ltd (ASX:SGQ) has intersected promising intrusive rocks at depth during diamond drilling of prospects at its flagship high-grade nickel-copper sulphide project Mt Alexander in WA's north-eastern Goldfields.

Oakdale Resources completes “transformative” acquisition adjacent to Julimar PGE-nickel-copper discovery

Oakdale Resources Ltd (ASX:OAR) (FRA:F1S) has completed its “transformational” acquisition of the Crown PGE-Nickel-Copper Project neighbouring the Julimar nickel-copper-PGE discovery.

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