Hillary hope: Aus shares close 1.35% higher

Market Reports

by Carolyn Herbert

Despite weak leads from Wall Street on Friday, news this morning that the FBI found ‘no criminality’ in Hillary Clinton’s emails has seen the Australian share market make a startling rebound from last week’s losses. The local bourse opened sharply higher and continued to gather pace throughout the session before closing 1.45 per cent higher. After being sold off for multiple sessions in a row, the big banks made a come back with the Westpac and CBA leading the charge. We also saw a rebound in energy stocks with Santos gaining over 4 per cent.

The S&P/ASX 200 index closed 70 points up to finish at 5,251.

The value of trades was $4.7 billion on volume of 706 million shares at the close of trade. The top three stocks by value were ANZ Banking Group (ASX:ANZ), Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB).

On the futures market the SPI is 83 points up.

Economic news

Jobs ads have jumped in October according to latest data from ANZ. Ads rose 1 per cent last month, bringing annual growth to 5.2 per cent. The bank says the improvement signals a gradual improvement in the labour market.

Company news 

Newcrest Mining Limited (ASX:NCM) and Indonesian resources company Antam have announced they have entered into a strategic alliance to undertake exploration for gold and copper deposits in several prospective areas in Indonesia. Under the arrangement should the parties undertake projects of merit, they will pursue these through separate joint venture arrangements. Shares in Newcrest Mining closed 1.81 per cent down at $23.27.

Westpac Banking Group (ASX:WBC) says its net profit fell 7 per cent to $7.445 billion for the 2016 financial year.

Lucapa Diamond Company Limited (ASX:LOM) has announced a record diamond sale for a parcel of 1,864 carats from its diamond project in Angola.

UGL Limited (ASX:UGL) has announced a majority of its board recommend that UGL shareholders accept the off market takeover offer from CIMIC.

Best and worst performers

The best performing sector was Healthcare adding 2 per cent to close at 19,780. The sector with least gains was Industrials, up 0.77 per cent to close at 4,932 points.

The best performing stock in the S&P/ASX 200 was Mayne Pharma, rising 6.6 per cent to close at $1.54. Shares in Alumina and Western Areas also closed higher.

The worst performing stock was Saracen Minerals, dropping 6.82 per cent to close at $1.23. Shares in Evolution Mining and St Barbara also closed lower.


DomaCom Limited (ASX:DCL) started trading today. The investment management company floated with an issue price of $0.75, opened at $0.70 and closed at $0.40. Inghams Group Limited (ASX:ING) started trading today. The poultry producer floated with an issue price of $3.15, opened at $3.14 and closed at $3.22.

Commodities and the dollar

Gold is trading at $US1,290 an ounce.
Light crude is $0.54 lower at $US44.13 a barrel.
The Australian dollar is buying $US0.7675.


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.