S&P/ASX 200 rises above 6500 as wage growth drops to historic lows

S&P/ASX 200 (INDEXASX:XJO) gained 0.28% to 6516 points by about 1.34 pm after rising as high as 6537.2 points earlier in the day. The utilities sector is leading the gains, up 1.19%, closely followed by the financial sector with a rise of 1.08%. Healthcare and consumer are also higher, but the energy and materials sectors are in the red. Wage growth slows Australian Bureau of Statistics (ABS) data revealed that wage growth in Australia slumped to historic lows, with the wage percentage index (WPI) rising just 0.1% over the September quarter. This is the second consecutive quarter of record-low wage growth and brings annual wage growth to 1.4% - the slowest pace since the ABS began its records in 1997. “Fewer end of financial year wage reviews” ABS head of price statistics Andrew Tomadini said: “Organisations continued to adjust to the economic uncertainty, recording fewer end of financial year wage reviews and delaying enterprise bargaining agreement increases. “This led to a significantly reduced number of jobs recording wage rises when compared to previous September quarters. “Additionally, the staggered implementation schedule of the Fair Work Commission annual wage review moved some regular September quarter wage rises to later quarters." Top gainers Today’s top gainers on the ASX include Maximus Resources Limited (ASX:MXR) (+10.00%), Alta Zinc Ltd (ASX:AZI) (+25.00%), Oakdale Resources Ltd (ASX:OAR) (+22.22%), Black Rock Mining Ltd (ASX:BKT) (+11.11%), Brookside Energy Ltd (ASX:BRK) (+16.67%), Auroch Minerals Ltd (ASX:AOU) (+11.11%), Emperor Energy Ltd (ASX:EMP) (+19.23%) and Kazia Therapeutics Ltd (ASX:KZA) (+34.87%). Proactive news headlines: Auroch Minerals higher on striking more massive nickel sulphides in second diamond hole at the Horn Auroch Minerals Ltd (ASX:AOU) has intersected more than seven metres of nickeliferous massive sulphide mineralisation in the second diamond drill-hole at the Horn prospect within Leinster Nickel Project in Western Australia. Chalice Gold Mines at record high on hitting further high-grade PGE-copper-gold at Julimar Chalice Gold Mines Limited (ASX:CHN) (OTCMKTS:CGMLF) (FRA:C8U) has intersected further extensive wide zones of PGE-copper-gold at the Gonneville Intrusion which continue to grow the Julimar discovery into a globally significant deposit, located 70 kilometres northeast of Perth. ioneer joins US industry organisation advocating for zero emission transportation by 2030 ioneer Ltd (ASX:INR) (OTCMKTS:GSCCF) (FRA:4G1) has joined a group of 25 companies to launch the Zero Emission Transportation Association (ZETA), an organization dedicated to achieving 100% electric vehicle (EV) sales in the United States by 2030. MMJ Group Holdings investee Harvest One gains US patent for proprietary Gellpell™ technology MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJJF) investee Harvest One (CVE:HVT) (OTCMKTS:HRVOF) has been granted a US patent for its proprietary Gellpell™ technology through the US Patent and Trademark Office. Kazia Therapeutics to present paxalisib data confirming earlier safety and efficacy results in glioblastoma at SNO Kazia Therapeutics Limited (ASX:KZA) (NASDAQ:KZIA) will present a summary of new paxalisib data at the Society for Neuro-Oncology Annual Meeting, which is being held virtually from November 19-21, 2020. Theta Gold Mines boosts confidence for underground gold PFS with strong bulk metallurgical results Theta Gold Mines Ltd (ASX:TGM) is assessing ways to accelerate its planned annual gold production target of at least 160,000 ounces which is primarily focused on bringing priority underground mines into production sooner. Kazia Therapeutics sets sights on advancing near-term paxalisib commercialisation plans Kazia Therapeutics Ltd (ASX:KZA) enjoyed a productive September quarter, advancing the development of its product candidates, according to chief executive officer Dr James Garner.