The Australian share market erased its losses from yesterday after gaining 0.42 per cent on Thursday. It comes most of the sectors closed in positive territory, despite the local bourse initially diving into the red after the open.
At the closing bell the S&P/ASX 200 index closed 26 points higher to finish at 6,295.
Looking overseas, we saw US president Donald Trump announce that China 'broke' the tariff trade deal, which saw the US futures fall and the Australian dollar lose strength.
Dow futures are suggesting a fall of 125 points.
S&P 500 futures are eyeing a dip of 14 points.
The Nasdaq futures are eyeing a fall of 44 points.
And the ASX200 futures are eyeing a 32 point rise.
Caltex Australia (ASX:CTX) announced first quarter profit results, which were in line with its updated guidance provided in March. 1Q 2019 earnings were impacted by lower earnings from Lytton, the revised Woolworths fuel contract and higher crude oil prices resulting in lower retail fuel earnings. Sequoia Investment Management’s team analysed the results and say they ‘believe Caltex’s conservative payout ratio, strong balance sheet will allow for steady dividend growth over time and a return to a more stable earnings profile’. Caltex (ASX:CTX) closed 0.2 per cent higher to $25.73.
Explosive company Orica (ASX:ORI) has reported its net profit after tax for the six months to 31 March 2019 rose 114 per cent on the prior corresponding period, to $32.9 million. In the first half of this year they had higher Ammonium Nitrate volumes and revenue rose 12 per cent, driving 20 per cent EBIT growth.
Qantas (ASX:QAN) has seen its third quarter revenue rise 2.3 per cent to $4.4 billion compared to the prior corresponding period. Qantas has also settled on the sale and secured future access to Melbourne’s domestic airport terminal for $355 million.
Construction company Adelaide Brighton (ASX:ABC) has revealed its underlying net profit after tax, excluding property, will be 10 to 15 per cent lower in the year ending 31 December 2019, compared to the prior year of $190.1 million. The downgrade comes on the back of the softening in demand for construction materials in the residential market.
GrainCorp (ASX:GNC) has announced its net loss after tax sank over 100 per cent to $49 million in the half year ending 31 March 2019. It comes as the severe drought on the eastern coast of Australia hit its results.
Best and worst performers of the day
The best performing sector was S&P/ASX Utilities adding 2.2 per cent while the worst performing sector was S&P/ASX Materials, shedding 0.3 per cent.
The best performing stock in the S&P/ASX 200 was Galaxy Resources Limited (ASX:GXY), rising 7.5 per cent to close at $1.65. Shares in Orica Limited (ASX:ORI) and Orocobre (ASX:ORE) followed higher.
The worst performing stock in the S&P/ASX 200 was Adelaide Brighton Limited (ASX:ABC), dropping 10.3 per cent to close at $3.76. Shares in Graincorp Limited (ASX:GNC) and Fletcher Building Limited (ASX:FBU) followed lower.
Japan’s Nikkei has lost 0.9 per cent, Hong Kong’s Hang Seng has lost 1.8 per cent and the Shanghai Composite has lost 0.8 per cent.
Commodities and the dollar
Gold is trading at US$1,283 an ounce.
Iron ore price fell 0.6 per cent to US$95.57
Iron ore futures are pointing to a rise of 0.1 per cent.
Light crude is US$0.59 up at US$61.99 a barrel.
One Australian dollar is buying 69.79 US cents.