The Australian share market recorded its second day of straight gains this week, largely fueled by record leads from Wall Street and a lift in commodities.
But it was a bouncy day of trade, with the ASX200 slipping before midday and then pushing higher after we received better than expected construction data from the ABS, which bolstered buying activity.
The shining sector of the day was Energy, after US cruse rose back to 2-year highs with Origin Energy (ASX:ORG) gaining about 1.6 per cent and Caltex (ASX:CTX) also seeing gains after its refiner margin rose.
Staples also saw stellar gains with A2 Milk (ASX:A2M) jumping 6.3 per cent today.
But, mixed suite of top 200 companies capped gains today, while Utilities and Telcos unperformed.
At the closing bell the S&P/ASX 200 index closed 23 points up, or 0.38 per cent /lower to finish at 5,986.
The value of trades was $5.6 billion on volume of 803 million shares at the close of trade. The top three stocks by value were Woodside Petroleum (ASX:WPL), Commonwealth Bank of Australia (ASX:CBA) and National Australia Bank (ASX:NAB).
On the futures market the SPI is 24 points up.
Asian market are mixed: Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has added 1 per cent and the Shanghai Composite has gained 0.6 per cent.
Real Estate agency, McGrath (ASX:MEA) noted at its AGM that it’s reviewing its options as a listed entity and is conscious of its share price underperformance. However, the group says it does not yet have anything to disclose at this stage. McGrath shares closed 1.8 per cent higher at $0.56.
And a leading property developer in Kuala Lumpur, United Overseas Australia (ASX:UOA) reported its quarterly profit for the period ending 30 September 2017 fell to RM356,800 (Malaysian Ringgits), down from the prior corresponding period. In its third quarter financial update it reported bolstered sales in the quarter to about RM882,000 (Malaysian Ringgits). United Overseas Australia shares closed 1.6 per cent higher at $0.63.
Travel company, Webjet (ASX:WEB) upgraded its total transaction value (TTV) and EBITDA guidance for FY18, following record and strong performance, with its TTV to hit $3 billion, up from $1.95 billion in the prior corresponding period.
And Fisher and Paykel Healthcare Corporation (ASX:FPH) issued 3,700 shares to the market at an issue price of $3.57 as part of its share option plan and as a result it’s share price fell.
And Cash Converters (ASX:CCV) has increased its funding to support its loan book growth, with an extra $50 million, taking its total to $150 million.
People Infrastructure (ASX:PPE) started trading today. The workforce management company floated with an issue price of $1.00, opened at $1.30 and it closed at $1.30
Best and worst performers of the day
The best performing sector was Energy adding 1.2 per cent to close at 10,188.
The worst performing sector was Utilites, shedding about 0.6 per cent to close at 8,420. points.
The best performing stock in the S&P/ASX 200 was Mineral Resources (ASX:MIN), rising 12.6 per cent to close at $18.99. Shares in Syrah Resources Limited (ASX:SYR) and The A2 Milk Company Limited (ASX:A2M) also closed higher.
The worst performing stock in the S&P/ASX 200 was Webjet Limited (ASX: WEB), dropping 11.55 per cent to close at $10.498. Shares in Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) and Nanosonics Limited (ASX:NAN) also closed lower.
Commodities and the dollar
Gold is trading at $US1,281 an ounce.
Light crude is $0.68 up at $US57.10 barrel.
One Australian dollar is buying 75.68 US cents.