Strong finish: Aus shares close 0.94% higher

Market Reports

by Carolyn Herbert

The Australian share market has continued on its upwards ascent, opening in the black and gaining momentum throughout the trading day closing 0.94 per cent higher. The financials sector was the main driver this session with solid gains on 1 to 2 per cent in all of the big four banks. We saw the materials space come off today, after the price of iron ore retreated after reaching record highs.

At the closing bell the S&P/ASX 200 index closed 54 points up to finish at 5,809.

The value of trades was $6 billion on volume of 776 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Wesfarmers Limited (ASX:WES) and Westpac Banking Corporation (ASX:WBC).

On the futures market the SPI is 52 points up.

Economic news

Consumer confidence in Australia has experienced a bounce for the month of February, according to the latest Westpac Melbourne Institute survey. Consumer confidence jumped 2.3 per cent for the month, compared to a 0.1 per cent increase in January.

Company news

Galaxy Resources Limited (ASX:GXY) says operations at Mt Cattlin have proceeded uninterrupted, despite very heavy rainfall in the Ravensthorpe area. The lithium producer says the recently upgraded site drainage has worked as designed so there has been little accumulation of water in the operating areas. Shares in Galaxy Resources closed 4.42 per cent lower at $0.54.

Commonwealth Bank (ASX:CBA) has reported its cash net profit rose 2% to $4.9 billion in 1H17.

Domino’s Pizza (ASX:DMP) has returned $4.5 million in unpaid wages and recorded an 8 per cent increase in continuing operations half-year profit to $50 million,

A2 Milk (ASX:A2M) says half-year NPAT skyrocketed by 290% to NZ$39.4 million.

Best and worst performers

The best performing sector was Financials excluding REITs adding 1.7 per cent to close at 7,420. The worst performing sector was Discretionaries, losing 0.55 per cent to close at 2,078 points.

The best performing stock in the S&P/ASX 200 was Boral (ASX:BLD), rising 6.12 per cent to close at $6.24. Shares in Computershare (ASX:CPU) and Monadelphous (ASX:MND) also closed higher.

The worst performing stock was Domino’s Pizza (ASX:DMP), dropping 14.36 per cent to close at $53.56. Shares in Primary Health Care (ASX:PRY) and IOOF Holdings (ASX:IFL) also closed lower.

Commodities and the dollar

Gold is trading at $US1,226 an ounce.
Light crude is $0.01 lower at $US53.52 a barrel.
The Australian dollar is buying $US0.7670.




 

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