The Australian share market started the trading week in the black. Despite losing momentum in the afternoon we finished with gain of about 0.2 per cent.
We saw weakness in the miners with base metals not knowing where to stand as US President Donald Trump and North Korean leader Kim Jong Un met for the first time, ending their closed-door meeting saying that they are very proud of the summit outcome.
Trump told the media the meeting was “far better than anybody expected…people are going to be very impressed…A very big problem is being taken care of”. And now in breaking news, it can be revealed the two parties signed a ‘peace regime’.
Most precious and industrial metal prices fell, while the ore price dipped 1 per cent to US$66.75 (at the open) but its futures are pointing to a rise of 0.53 per cent.
Utilities, telcos and banks also saw selling and that held back the ASX today.
At the closing bell, the S&P/ASX 200 index closed 9.20 points higher, or 0.15 per cent higher, to finish at 6054.40 points.
Futures market The Dow Jones Futures are suggesting a rise of 26 points.
The S&P/ASX 200 Futures are suggesting a rise of 8 points.
Value of trade $6.3 billion on volume of 820 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton
(ASX:BHP) and Rio Tinto
(ASX:RIO).
Company news Freedom Foods Group
(ASX:FNP) shares hit a fresh all time high today. It comes as the firm has been rapidly growing, from investing in Shenzhen and expanding its dairy processing facility in Shepparton. Its shares closed 3.12 per cent higher at $6.28.
Windlab
(ASX:WND) has received first ever environmental approval for a wind farm in Tanzania. The 300 mega-watt farm will be connected to the national electricity network substations. Extreemly important as less than a third of its population of 55 million have access to electricity. And Windlab says the Miombo Hewani wind farm has excellent winds, with some of the best in the continent and the world. To help fund the project an energy and environmental partnership grant was signed off by the Ministry of Foreign Affairs of Finland, with further international funds to come, which will help build the project. Windlab
(ASX:WND) shares closed 1.80 per cent lower at $1.64.
Virgin Australia
(ASX:VAH) has announced CEO John Borghetti will leave his role in 2020, giving the airline ample time to recruit a replacement.
Wesfarmers
(ASX:WES) completed the sale of its UK and Ireland Homebase business, which will result in a loss of £200 to £230 million, which will settle by the 30 June 2018.
APA Group
(ASX:APA) ink a deal to develop AGL Energy’s
(ASX:AGL) LNG import facility, which will cost $160 to $200 million. The parties signed a development agreement and a 20-year gas transportation agreement to develop and build the Crib Point Packenham Pipeline, which should deliver gas to the local market in FY2021.
And global litigation funder IMF Bentham
(ASX:IMF) announced a new US$11.6 million investment for a trade secrets misappropriation and breach of contract case in the US, which takes the total US funding to US$136 million.
Best and worst performers of the dayThe best-performing sector was Industrials, which added 1.42 per cent. The worst-performing sector was Materials, which shed 1.00 per cent.
The best-performing stock in the S&P/ASX 200 was Genworth Mortgage
(ASX:GMA), which rose 7.29 per cent to $2.65. Shares in Wisetech Global Ltd
(ASX:WTC) and Domain Holdings Aus
(ASX:DHG) followed higher.
The worst-performing stock in the S&P/ASX 200 was Ausdrill Limited
(ASX:ASL), which fell 20.17 per cent to $1.90. Shares in Retail Food Group
(ASX:RFG) and Mineral Resources.
(ASX:MIN) followed lower.
Asian markets Japan's Nikkei has gained 0.56 per cent, Hong Kong's Hang Seng has gained 0.40 per cent and China's Shanghai Composite has gained 0.57 per cent.
Commodities and the dollar Gold is trading at US$1,297.19 an ounce.
Light crude is trading $0.33 higher at US$66.07 a barrel.
One Australian dollar is buying 76.12 US cents.
CryptocurrenciesBitcoin is trading 1.14 per cent higher at US$6,871.91, Ethereum is trading 0.10 per cent lower at US$533.93 and EOS is trading 1.05 per cent higher at USD $11.35.
