The Australian share market closed above 5,900 level for the first time in a month, closing back where we were around 1 November last year. The ASX200 showed resilience, rising for the second day, shaken off two days of negative leads from Wall Street.
Most of the sectors closed higher today with the miners being the only sector trading in the red after Aluminium fell 0.4 per cent on Monday. While the iron ore price rose 0.9 per cent to US$67.67 and its futures are pointing to a rise of 0.84 per cent. South32 (ASX:S32) copped a fall of 9.6 per cent, Alumina (ASX:AWC) followed.
At the closing bell the S&P/ASX 200 index closed 26 points higher, or 0.6 per cent higher to finish at 5,921.60.
The Dow Jones Futures are 59 points higher. The ASX 200 SPI is 41 points higher.
Value of trades
$6.2 billion on volume of 853 million shares at the close of trade. The top three stocks by value were Rio Tinto (ASX:RIO), Commonwealth Bank of Australia (ASX:CBA), and BHP Billiton (ASX:BHP).
Local economic news
Inflation data rose less than expected in the March quarter, according to the ABS as the Consumer Price Index rose 0.4 per cent in quarter, less than the expected 0.5 per cent lift. Year on year inflation rose 1.9 per cent, missing the 2 per cent rise expected
Gold producer, Resolute Mining (ASX:RSG) announced its amended guidance of 280 thousand ounces at AISC $1,360 per ounce. As for the March quarter, gold production grew to 67 thousand ounce, slightly better than December quarter. However, it AISC fell from $1,392 to $1,332. Shares in Resolute Mining (ASX:RSG) closed 7.20 per cent lower at $1.23.
Tawana Resources (ASX:TAW) and JV project partner, Alliance Mineral Assets (SGX:40F) announced lithium concentrate haulage has commenced from the Bald Hill lithium Tantalum mines in WA. Qube was contracted to provide loading, moving, storage and ship loading with the ship due at Port of Esperance, WA on 2 May. Shares in Tawana Resources (ASX:TAW) closed 2.47 per cent higher at $0.42.
Fortescue Metals (ASX:FMG) has announced iron ore shipments of almost 39 million tones for the March 2018 quarter. Ore mined for the quarter was down 7 per cent on the same time last year.
Boral (ASX:BLD) has announced March quarter earnings for Boral North America and Boral Australia were below expectations due to challenging conditions and bad weather.
Telecommunications company Vocus Group (ASX:VOC) has decided not to sell its New Zealand business (Vocus NZ).
MYOB (ASX:MYO) shares are trading higher today with the company in the midst of share buyback. It’s already bought back $21 million in share but says it may still buy back 24 million shares.
Medicinal cannabis company, AusCann (ASX:AC8) and its majority shareholder, Canopy Growth Corporation are ramping up to become the leading providers of medical cannabis products in Australia. AusCann has received an import permit and will soon receive finished cannabis oils from Canopy Growth.
L1 Long Short Fund (ASX:LSF) started trading today. It’s an absolute return fund, offering investors a highly diversified portfolio of long and short positions. Shares were issued at $2.00, opened at $1.99 and closed at $1.995.
Best and worst performers of the day
The best performing sector was Consumer Discretionary, adding 1.84 per cent to close at 2,772 points. The worst performing sector was Materials, shedding 1.42 per cent to close at 11,798 points.
The best performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA), rising 4.01 per cent to close at $5.71. Shares in Webjet (ASX:WEB) and Altium (ASX:ALU) followed higher.
The worst performing stock in the S&P/ASX 200 was South32 (ASX:S32), dropping 9.60 per cent to close at $3.58. Shares in Boral (ASX:BLD) and Resolute Mining (ASX:RSG) followed lower.
Japan’s Nikkei has gained 0.91 per cent, Hong Kong’s Hang Seng has gained 0.95 per cent and the Shanghai Composite has gained 1.87 per cent.
To commodities and the dollar
Gold is trading at $US1,327 an ounce.
Light crude is $0.52 higher at $US68.92 a barrel.
One Australian dollar is buying 76.05 US cents.
Three of the most traded cryptocurrencies are trading higher: Bitcoin has gained about 5 per cent to $9,267. Ethereum has gained about 8 per cent to $681. Bitcoin Cash has gained about 14 per cent to $1,538.