Zip Co company and the fashion retailer behind Katies were big winners when the ASX achieved an eleven month high

Joe Biden urged the country to “end this civil war” and unite when it was officially the 46th President of the United States becomes

The Australian stock market hit a new 11-month high on what economists have described as “spectacular” and “breathtaking” employment numbers, a series of impressive company updates, and a positive US lead

The S&P / ASX200 rose 079 percent to 68237, while the All Ordinaries Index gained 0 8 percent to 71071

After Wall Street broke new records after Joe Biden took office as US President, the ASX soared in morning trading and then held most of its profits

CommSec analyst Tom Piotrowski said the creation of 50000 jobs in December were in line with expectations and employment growth in the economy continued, while the unemployment rate was better than expected at 66 percent from 6 percent8 percent

“In the last quarter of last year we had 320000 new jobs created in the economy This is exactly what you want to see in recovery at this point

“Of course, this plays a very important role in the fate of the stock market”

Mosaic Brands, owner of popular fashion brands like Rivers, impressed the market immensely with a trade update Image: Julian Smith / AAPSource: Delivered

The standout performer was Mosaic Brands, which owns fashion labels such as Noni B, Katies, Rockmans and Rivers 25 percent to $ 115 following a release of a first-half trade update showing the group’s biggest increase in online retail since theirs Customers have stopped shopping malls due to renewed concerns about COVID-19

Black Friday sales have doubled compared to the previous year and the online range has expanded rapidly

Mosaic said the group returned to profitability over the period and while they closed the accounts prior to their first half report on Jan. Completed February, the result would likely “significantly exceed the market consensus”

The other big winner was the Zip Co buy-now, pay-later outfit, which jumped 2308 percent to $ 736 after a trade update for the December quarter with record sales of $ 102 million, up by 88 percent compared to the previous year

CEO Larry Diamond said the extraordinary numbers confirmed Zip’s position as one of the fastest growing players in the industry

The shares of the BNPL market leader Afterpay continue to shoot up and set a new record of 149 USD (up 5) 67 percent

Waste disposal company Cleanaway slumped 846 percent to $ 238 Following the CEO’s announcement, Vik Bansal resigned in a mutual decision with the board

Mr Bansal is credited with managing an impressive turnaround for the company, but came under fire late last year after a series of media reports alleging he had bullied employees

Woodside Petroleum is down 164 percent to $ 2695 following the release of its fourth quarter report, which showed the company had signed a contract for the highest spot LNG price ever, but lower-than-expected production projections for the full year gave

Rio Tinto added 74 percent to $ 12188 and BHP raised 156 percent to $ 4702, while Fortescue added 0 inches16 percent to $ 2487

ANZ put 15 percent to $ 2474, Commonwealth Bank valued 113 percent to $ 8532, National Australia Bank advanced 163 percent to $ 2430 and Westpac gained 111 percent to $ 2182

The Australian dollar bought 7,776 US cents, 568 British pence and 6407 euro cents in afternoon trading

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Zip ASX

World news – AU – ASX hits new 11-month high: Noni B owners, big winners from Zip Co

Source: https://www.news.com.au/finance/markets/australian-markets/asx-roars-to-fresh-11month-high-boosted-by-wall-street-lead-jobs-figures-company-updates/news-story/38f5ab36c03761e84a1d1c44a42361e3