ASX closed at 6,511 points, fresh record high after Aus shares gain 0.2%, rising for 6th day

Market Reports

by Jessica Amir

The Australian share market extended on its winning streak, rising for the sixth straight session. Closing at 6,511 points. Taking the market to a level we last touched in December 2007.

There were no real ‘stand out sectors’, while the Consumer Discretionary sector rose 0.8 per cent and Energy rose 0.7 per cent while Telcos, Staples and Property closed with the marginal loss of 0.1 per cent.

At the closing bell the S&P/ASX 200 index closed 11 points higher or 0.2 per cent higher, to finish at 6,511 points.

Futures market

Dow futures are suggesting a fall of 29 points.
S&P 500 futures are eyeing a dip of 5 points.
The Nasdaq futures are eyeing a fall of 24 points.
And the ASX200 futures are eyeing a 22-point rise

Economic news

Total construction work done fell 1.9 per cent in the March quarter in seasonally adjusted terms, disappointing the consensus which expected the quarter on quarter rate would be steady.

Company news

CSR (ASX:CSR) has sent shareholders its annual 2019 report and its shares have been some bounce today. But that’s not the reason for the rise. Over the last four trading sessions, including today, its shares have pushed back to the range they were trading in September last year. It come as shareholders are confident in the business direction under the Coalition. While yesterday, the shares touched a 2019 high after the RBA released its statement of monetary policy highlighting rates may be cut if employment conditions don’t improve. Year-to-date on the back of those rallies, its shares have gained 38 per cent. Shares in CSR (ASX:CSR) closed 5.43 per cent higher at $3.88. Looking back, year-on-year its share have lost 25 per cent.

Fortescue (ASX:FMG) has announced the development of the Queens Valley mining area at its Solomon Hub in the Pilbara region of Western Australia. Total expenditure for the development is estimated to be US$287 million. The development will maintain production of the low-alumina Kings Fines product.

IOOF Holdings (ASX:IFL) says it’s confident it will meet APRA’s deadline by the end of June for the implementation and maintenance of the Office of the Superannuation Trustee (OST). The directions are in line with APRA’s preliminary findings in April in respect of which the APRA Regulated Entities (AREs) received a ‘show cause notice’ from APRA. IFL had its sell rating retained by Citi, with the broker saying IOOF’s risk to the downside is increasing and the ANZ P&I deal is looking increasingly difficult. The broker’s price target is $5.00.

Healthscope (ASX:HSO) shareholders have voted in favour of the scheme of arrangement under which an entity controlled by Brookfield and its institutional partners will buy all of the shares in the company. The capital will be returned to shareholders.

Best and worst performers of the day

The best performing sector was Consumer Discretionary adding/ 0.8 per cent while the worst performing sector was Staples, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN), rising 7.9 per cent to close at $1.99. Shares in Lynas Corporation (ASX:LYC) and Pilbara Minerals (ASX:PLS) followed higher.

The worst performing stock in the S&P/ASX 200 was Ioof Holdings (ASX:IFL), dropping 7.1 per cent to close at $5.37. Shares in ALS (ASX:ALQ) and Medibank Private Limited (ASX:MPL) followed lower.

Asian markets

Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has lost 0.6 per cent.

Commodities and the dollar

Gold is trading at US$1,274 an ounce.
Iron ore price rose 0.3 per cent to US$102.03.
Iron ore futures are pointing to a rise of 3.6 per cent.
Light crude is US$0.24 down at US$62.97 a barrel.
One Australian dollar is buying 68.75 US cents.

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