Just shy of 6,000: Aus shares close 0.28% higher

Market Reports

by Jessica Amir

The Australian share market had a positive day of trade today, closing 0.3 per cent higher for the day and just 5 points up for the week. We jumped at the open but couldn’t maintain the pace, with the ASX200 quickly levelling off before noon, closing shy of the 6,000 mark.

Three quarters of the market closed in positive territory, Telcos led, followed by the Discretionary and Energy sectors.

Media giant Fairfax (ASX:FXJ) saw the most steam closing 5.7 per cent higher, while Beach Energy (ASX:BPT) was a close second after the oil price gained overnight.

The only sectors that closed below the line, Uilities and Property.

And the talk on the street is, buying on the ASX was subdued today amid the Bitcoin rally, as investors and traders and are increasingly funnelling their funds there and buying the crypto-currency, which has taken it to US$18,000 mark.

At the closing bell the S&P/ASX 200 index closed 16.7 points higher to 5,994. 5 points up on the week.

The value of trades was $ 5.4 billion on volume of 761million shares at the close of trade. The top three stocks by value were Rio Tinto Limited (ASX: RIO), Commonwealth Bank of Australia (ASX:CBA) and BHP Billiton Limited (ASX: BHP).

On the futures market the SPI is 13 points up.

More company news 

Suncorp (ASX:SUN) announced to the market, the last day of trading its convertible preference shares issued on 6 November 2012 (CPS2) will be the 11 December 2017. Off-market transfers of the convertible shares will not be accepted after trade finishes on 11 December 2017. On the same day, it will also pay those entitled to a dividend. Suncorp shares closed 0.21 per cent higher to $14.35.

Macquarie Telecom’s (ASX:MAQ) takeover offer has been sidelined by Bulletproof Group (ASX:BPF) with the takeover target noting it has engaged a legal and corporate adviser to assist in the evaluation process. Bulleproof shareholders have been asked to take no action until its independent experts prepare a report as to whether the offer is fair, reasonable and in the best interest of shareholders. Shares in Macquarie Telecom’s (ASX:MAQ) last traded at at $14.40.

General insurance company, IAG (ASX:IAG) inked agreements with three reinsurers to quota share a combined 12.5 per cent of its consolidated business as of 1 January 2018, which will reduce its earnings volatility and improve its capital efficiency.

Oil and gas company, Senex Energy (ASX:SXY) has received environmental approval to develop its Western Surat Gas project in eastern Australia, which will allow it to develop 425 wells with gas and water gathering networks, compression facilities and water infrastructure.

And the Australian-based regenerative medicine firm, Mesoblast (ASX:MSB) (NASDAQ:MESO) has been named as the 2017 Global Technology Leader in the cell therapy industry.

IPOs

Credible Labs Inc (ASX:CRD) started trading today. The online platform that allows borrowers to receive loan offers from lenders, floated with an issue price of $1.21, opened at $1.60 and closed at $1.32.

Wagners Holding Company (ASX:WGN) started trading today. It has three divisions, Wagners concrete, quarries and transport and it floated with an issue price of $2.71, opened at $3.31 and closed at $3.40.

Best and worst performers of the day

The best performing sector was Telcos, 1.18 per cent higher to 1,323. 
The worst performing sector was Utilites, losing 0.89 per cent lower to 8,761. 

The best performing stock in the S&P/ASX 200 was Fairfax Media Limited (ASX:FXJ), rising 5.67 per cent higher to $0.74Shares in Beach Energy Limited (ASX:BPT) and Domain Holdings Australia (ASX:DHG) also closed higher.

The worst performing stock in the S&P/ASX 200 was Apa Group (ASX:APA), closing 5.44 per cent lower to $8.86. Shares in Northern Star Resources Ltd (ASX:NST) and St Barbara Limited (ASX:SBM) also closed lower. 

Asian markets

Are higher: Japan’s Nikkei has added 1.2 per cent, Hong Kong’s Hang Seng has added 0.9 per cent and the Shanghai Composite has rose 0.2 per cent.

Wall Street 

Wrapped up the four trading days this week lower: The Dow Jones lost 0.08 per cent, The S&P 500 lost 0.2 per cent and the tech heavy Nasdaq shed 0.5 per cent, while the 100 index slipped 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1249 an ounce.
Light crude is $0.66 higher at $56.62
One Australian dollar is buying 75.09 US cents