The Australian share market started off the trading week on the front foot, following more record leads from Wall Street with the Nasdaq gaining over 2.2 per cent after some tech majors rallied. But a drop Telstra shares and the iron ore price is putting a cap on gains, with Fortescue Metals
(ASX:FMG) and South32
(ASX:S32) trading below the line today.
Despite that, most of the market is pushing higher with energy leading the sectors after US crude prices hit a 8-month high.
Macquarie Group
(ASX:MGQ) is continuing to outperform the big four banks after announcing its profit soared 19 per cent.
The S&P/ASX 200 index was 13.5 points up or higher, tracking 0.22 per cent up at 5,917.
On the futures market the SPI is 14 points higher.
Company newsSlater and Gordon
(ASX:SGH) says both the recapitalisation and class action proceeding settlement (brought down by Matthew Hall) will be implemented. The embattled law firm says they will be settled by two inter-conditional creditors’ schemes of arrangements. One of the company’s creditor’s schemes with its senior lenders will give affect to the recapitalisation. But the relevant creditors must approve each scheme for them to go ahead. The firm has booked its AGM for 6 November 2017. Shares in Slater and Gordon
(ASX:SGH) are trading flat at $0.07.
Commonwealth Bank of Australia
(ASX:CBA), which is issuing Instalment Warrants over Bank of Queensland’s ordinary shares, has set the record date for dividend entitlements as 3 November 2017. The dividend will be $0.46 and fully franked. The CBA instalments will start trading 2 November. Shares in Commonwealth Bank of Australia
(ASX:CBA) are trading 0.2 per cent lower at $78.11.
Financial services advisory group, Moelis Australia
(ASX:MOE) shareholders have approved the additional placement of 10 million shares, as well as a prior issue of by the company. The majority of shareholders approved the capital raising at this morning’s Extraordinary General Meeting. Allotment and quotation will booked for Wednesday 1 November.
Best and worst performersThe best performing sector is energy, gaining 1.2 per cent to 9,820. Shares in Santos
(ASX:STO) have risen 2.53 per cent and trading at $4.46. Shares in Woodside Petroleum
(ASX:WPL) and Beach Energy
(ASX:BPT) are also stronger.
The worst performing sector is telcos, falling 0.2 per cent to 1,256. Shares in Telstra Corporation
(ASX:TLS) have fallen 0.56 per cent, trading at $3.53. While, shares in Speedcast International
(ASX:SDA) and Tpg Telecom
(ASX:TPM) are higher.
Commodities and the dollarGold is trading at $US1,272 an ounce and one Australian dollar is buying 76.76 US cents.
