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ASX 200 morning report – API, WES & TLS shares in focus

The S&P/ASX 200 (ASX: XJO) rallied another 0.6% on Thursday with every industry sector gaining. The standout once again was the energy sector, adding 1.3% behind Woodside Petroleum Limited (ASX: WPL) which finished 2.5% higher after another 3% jump in the oil price.

Each of the financials and healthcare sectors also added 1.0% with the Commonwealth Bank of Australia (ASX: CBA) once again holding above $100 per share.

Australian unemployment falls

The rally came despite a decidedly weak unemployment result. The headline figures showed a drop in unemployment from 4.6% to 4.5%, despite over 146,000 losing jobs during the period.

A fall in the participation rate, which suggests more people have given up looking for work, is a clear negative sign for the economy. Goldman Sachs economists suggest the real unemployment rate could be as high as 9.1% when another fall in hours worked is also included.

Australian Pharmaceutical share price spikes

Shares in Australian Pharmaceutical Industries Ltd (ASX: API) finished 16.1% higher after Wesfarmers Ltd (ASX: WES) increased its bid for the company from $1.38 per share to $1.55.

The deal prices the pharmaceutical company at $764 million and has the support of API’s biggest shareholder Washington H Soul Pattinson & Co Ltd (ASX: SOL).

It marks another pivot for Wesfarmers, which is seeking to leverage its supply chain experience and build out a healthcare division.

Telstra ready for growth

Telstra Corporation Ltd’s (ASX: TLS) CEO announced the end of T22 and the beginning of T25, announcing his intention to cut another $500 million in costs from the business.

The group is now seeking to deliver growth in the high teens, with a focus on its loyalty program, 5G and expended network coverage. Shareholders are clearly beginning to believe in Andy Penn with Telstra shares finishing 0.5% higher.

Myer share price goes nuts on FY21 result

Myer Holdings Ltd (ASX: MYR) shares rallied 16.7% despite management withholding the dividend once again. Profit was boosted by JobKeeper and rent waivers growing to $46 million, an improvement on a loss of $172 million in 2020.

In a positive sign, sales were 5.5% higher across the business, with the July half up 38% and online sales now representing 20% of the total.

Elsewhere, shares in Austal Limited (ASX: ASB) rallied 2.7% as the ship builder is seen as a potential beneficiary of the US/UK defence deal to deliver nuclear submarines, built in Australia.

ASX 200 today

The ASX 200 is tipped to take a backwards step when the market opens on Friday, following a mixed lead from US markets overnight.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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