The ASX was trading lower at midday, despite early morning expectations that it would follow Wall Street’s overnight lead.
The S&P/ASX200 had dropped 15.60 points or 0.21% to 7,311.50 and crossing below its 50-day moving average.
This index has lost 0.99% for the last five days but sits 4.21% below its 52-week high.
The bottom-performing stocks at time of writing were CSL Ltd down 8.18% and Champion Iron Ltd (ASX:CIA) down 4.80%.
CSL completed its $6.3 billion equity raise to help fund its $16.4 billion acquisition of Vifor Pharma.
"We appreciate the support we received from the investment community, including existing and new shareholders, for what is the largest ever primary equity raise in Australia," CSL CEO Paul Perreault said.
"We are now pleased to launch our share purchase plan for eligible shareholders on Tuesday, December 21, 2021, and we look forward to delivering on the exciting growth opportunities underpinning the acquisition of Vifor Pharma."
Meanwhile, real estate stocks Vicinity up 2% following a 2.2% uplift in its property portfolio valuation, Stockland (ASX:SGP) up 2.6% and Dexus up 1.6% were the shining lights.
Qantas shares were also higher today – by 1.1% despite the $1 billion first-half loss.
Unemployment falls
Australia's unemployment rate has dropped by 0.6%, with lesser restrictions driving a jobs boom.
The Australian Bureau of Statistics (ABS) November labour figures show unemployment is now 4.6% equal to September.
Seasonally adjusted employment increased by 366,000 people (2.9%) in November, with 128,300 full-time and 237,800 part-time jobs added.
“The easing of restrictions in both New South Wales and Victoria had a large influence on the national figures, with employment in the two states increasing by 180,000 people and 141,000 people between October and November," ABS head of labour statistics Bjorn Jarvis said.
"Employment in those jurisdictions in November was only 52,000 people and 4,000 people below May, having fallen by 250,000 people and 145,000 people during the lockdowns.”
The national participation rate has increased by 1.4% to 66.1% in November, 0.2 percentage points below the peak in May.
Unemployment fell by 69,000 people, following an increase of 81,000 in October.
“Most people remained attached to their job through the Delta lockdowns and to a greater extent than we saw earlier in the pandemic,” Jarvis said. “This job attachment meant, as restrictions were eased, many people were able to quickly return to work.”
Qualitas Ltd lists on the ASX
Qualitas Ltd has contributed to the good day for real estate stocks, following a strong debut on the ASX.
Its shares were up 3% to $2.58 shortly after it started trading.
The company hit the boards with a $735 million market cap.
“The success of our IPO and the larger balance sheet it delivers is anticipated to accelerate our growth in funds under management through an enhanced ability to meet the co-investment requirements of global and domestic institutional investors and provide certainty of capital to assist in underwriting investments for our funds on a timely basis,” co-founder and group managing director Andrew Schwartz said.
“Our priority is – and will remain – investing our capital in well-considered and risk-mitigated real estate opportunities in both debt and equity that will deliver returns through market cycles.”
Qualitas is backed by high-profile Melbourne businesswoman Carol Schwartz (not related) and has $4.2 billion in funds under management at the end of October across debt and equity funds.
Qualitas raised $335 million at an offer price of $2.50 through its initial public offer (IPO).
On the small cap front
OzAurum Resources Ltd (ASX:OZM) is up 17.39% after extending the Mulgabbie North gold anomaly by 1.4 kilometres during extensive aircore drilling at the project two kilometres from Northern Star Resources Carosue Dam Mine Operations.
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) is 16.67% higher. VMS surged after a drilling campaign at the Mount Lindsay Tin-Tungsten Project in Tasmania returned a record-breaking intersection of 147 metres at 1.0% tin and 0.2% tungsten from 90 metres.
Sipa Resources Ltd (ASX:SRI) is 9.76% higher. SRI and Rio Tinto are banking on their combined expertise and a variety of exploration techniques to prospect for copper and gold at the Paterson North project.
Volt Resources Ltd (ASX:VRC) is 4.17% higher. VRC has provided advanced working capital to recommence graphite production from the Zavalievsky Graphite (ZG) operations in Ukraine, which operated for 11 continuous days during November.
Predictive Discovery Ltd (ASX:PDI) is 2.22% higher having unearthed new gold discoveries at its Bankan Gold Project in Cote d’Ivoire.
Lake Resources NL (ASX:LKE, OTCQB:LLKKF) is 1.79% higher. LKE has moved to expand lithium resources through drilling at wholly-owned lithium brine projects at Olaroz, Cauchari and Paso in Jujuy province, northwest Argentina, beginning in late January 2022.