Mid-week rally: Aus shares close 0.45% higher

Market Reports

by Carolyn Herbert

It has been another positive end to the trading session for the Australian share market. The local bourse bounced at the open and managed to gather momentum throughout the session before closing 0.45 per cent higher. Today the Consumer Discretionaries space lead the charge, with the likes of A2 milk gaining almost 4.5 per cent. Staples were the worst performers with losses in Wesfarmers and Capilano Honey.

The S&P/ASX 200 index closed 25 points up to finish at 5,435.

The value of trades was $4.8 billion on volume of 738 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Crown Resorts (ASX:CWN).

On the futures market the SPI is 24 points up.

Company news

Charter Hall Group (ASX:CHC) has announced that despite receiving significant retail demand for the IPO of Long Wale REIT, the instutional offer of around $350 million did not attract the sufficient quality of support the group deemed appropriate to create an orderly market. As such Charter Hall decided not to proceed with the IPO of Long Wale REIT as scheduled. The Group says it will consider alternative options for assets within the Long Wale portfolio. Shares in Charter Hall closed 1.21 per cent lower at $4.88.

Cimic Group (ASX:CIM) has announced solid financial results in the nine months to September, with the company’s NPAT rose 5.9% to $413.7 million.

Tabcorp (ASX:TAH) and Tatts Group (ASX:TTS) have announced they will join forces to create a diversified portfolio of gambling entertainment businesses

Godfreys Group Ltd (ASX:GFY) will soon undergo a restructure of its store portfolio, with up to 60 of its stores converted to franchise stores over a 3-year period.

Best and worst performers

The best performing sector was Consumer Discretionaries adding 1.66 per cent to close at 2,162. The worst performing sector was Staples, losing 0.11 per cent to close at 9,267 points.

The best performing stock in the S&P/ASX 200 was Tatts Group, rising 15.88 per cent to close at $4.16. Shares in Western Areas and Whitehaven Coal also closed higher.

The worst performing stock was Nine Entertainment, dropping 5.49 per cent to close at $0.86. Shares in Aconex and Crown Resorts also closed lower.


Gooroo Ventures Limited (ASX:GOO) started trading today. The software developer listed with an issue price of $0.20, opened at $0.26 and closed at $0.25.

Commodities and the dollar

Gold is trading at $US1,261 an ounce.
Light crude is $0.73 higher at $US51.10 a barrel.
The Australian dollar is buying $US0.7670.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.