Strong Wednesday: Aus shares close 34 points higher

Market Reports

by Kathy Skantzos

It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to gain early on and maintain momentum throughout the day.

Consumer Discretionary and Staples have performed well, with Blackmores (ASX:BKL) topping the charts, also pulled along by Bega (ASX:BGA), Wesfarmers (ASX:WES) and Woolworths (ASX:WOW). Minerals performed moderately, pulled along by Syrah Resources (ASX:SYR), while Fortescue and Mineral Resources dropped. Financials gained with Platinum Asset Management (ASX:PTM) doing well, and ANZ (ASX:ANZ) and AMP (ASX:AMP) also performing higher.

At the closing bell the ASX finished 34 points higher to 5,772.

The value of trades was $4.4 billion on volume of 623 million shares at the close of trade. The top three stocks by value were BHP (ASX:BHP), Commonwealth Bank (ASX:CBA) and Rio Tinto (ASX:RIO).

On the futures market the SPI is 36 points higher.

Asian markets

Japan’s Nikkei has added 0.28 per cent, Hong Kong’s Hang Seng is flat and the Shanghai Composite has gained 0.33 per cent.

Local economic news

Australia’s consumer confidence index rose 3.6 percent month-on-month to 101.35 in October. This is the highest so far this year, following a 2.5 percent increase from the previous month. Expectations for the economic outlook over the next 12 months jumped 7.1 percent, while outlook over the next five years went up by 1.4 percent.

Company news

Centuria Capital Group (ASX:CNI) has announced the purchase of 3.97% of Centuria Industrial REIT securities, increasing Centuria’s strategic investment to 17.75%. The investment represents the first stage of the deployment of capital following Centuria’s $60 million equity raising. Shares in Centuria Capital Group (ASX:CNI) closed flat at $1.40.

Construction and engineering company Decmil Group (ASX:DCG) has been awarded a $60 million contract with VicRoads to build a section of highway in Victoria.

Myer Holdings (ASX:MYR) will announce a new Chairman at the end of its Annual General Meeting (AGM) next month.

Mobile phone app company, Pushpay Holdings (ASX:PPH) announced it is now processing US$2.2 billion in annual payments.

Best and worst performers

The best performing sector was Consumer Discretionary adding 1.5 per cent to close at 2,189.

The sector with the least gains was Materials, rising 0.17 per cent to close at 10,521 points.

The best performing stock in the S&P/ASX 200 was Blackmores (ASX:BKL), rising 6.21 per cent to close at $131. Shares in Platinum Asset Management (ASX:PTM) and Syrah Resources (ASX:SYR) also closed higher.

The worst performing stock in the S&P/ASX 200 was Automotive Holdings Group (ASX:AHG), dropping 2.98 per cent to close at $3.26. Shares in Sims Metal Management (ASX:SGM) and Orocobre (ASX:ORE) also closed lower.

Commodities

Gold is trading at $US1,288 an ounce.
Light crude is $1.36 up at $US50.94 barrel.
One Australian dollar is buying 77.83 US cents.