It has been a record-breaking day for the Australian share market, which hit a new 11.5-year high, 6,732 points earlier in the session, which took the market about 96 points away from the all-time high (of 6,828.7), hit on 1 November 2007.
Over half of the sectors rallied today with three sectors rising over 1 per cent and minor selling taking place in the Materials, IT, Consumer Discretionary and Energy, sectors.
We also saw the financial sector hit a four-day high, with HUB24 (ASX:HUB)
rising the most, over 8 per cent, after the finance portfolio management company quashed a story written by the AFR saying its target price with six analysts ranges between $10.90 and $15.95, not $8.65 as the AFR said.
At the closing bell the S&P/ASX 200 index closed 33 points higher to finish at 6,718. And the ASX200 futures are eyeing a 0.6 per cent rise or 39-point rise.Economic news
Australian retail turnover rose 0.1 per cent in May 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) figures. It disappointed the market which expected sales to rise 0.2 per cent. However, it was a recovery from the fall of 0.1 per cent in April 2019.Company news
Satellite telecommunications company, Speedcast International (ASX:SDA)
saw its shares recoup some of yesterday’s loses after buyers began to snap up the stock with it trading at five-year lows. IOOF (ASX:IFL)
became a major shareholder in the firm on Monday 1 July, just a day before its shares fell 41 per cent (Tuesday, 2 July 2019), after SDA downgraded its 2019 underlying EBITDA upper-guidance-level by US$21 million with its new guidance to sit between US$140 million and US$150 million. Speedcast cited weaker demand, slower implementation and delays in expected revenue from the NBN project. Shares in Speedcast International (ASX:SDA)
closed 9.9 per cent higher at $1.89.
has entered into a partnership in its residential portfolio, with Capital Property Group (CPG) whereby CPG will be investing a 50 per cent stake in Stockland’s largest master planned community (Aura) on the Sunshine Coast. For SGP, CPG is invested at a 30 per cent premium to book value.
has completed the sale of the Paris office building, Tour Majunga, which is the heart of the La Défense business district.
Global investment manager Neuberger Berman has announced its NB Global Corporate Income Trust (ASX:NBI)
raised $476 million, broadening access to global fixed income.Best and worst performers of the day
The best performing sector was REITs adding 1.1 per cent while the worst performing sector was Materials, shedding 0.4 per cent.
The best performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA)
, rising 9.9 per cent to close at $1.89. Shares in HUB24 (ASX:HUB)
and Eclipx Group (ASX:ECX)
The worst performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS)
, dropping 5.8 per cent to close at $0.49. Shares in Bravura Solutions (ASX:BVS)
and Invocare (ASX:IVC)
followed lower.Asian markets
Mixed: Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has lost 0.04 per cent and the Shanghai Composite has lost 0.3 per cent.Commodities and the dollar
Gold is trading at US$1,415 an ounce.
Iron ore price fell 0.8 per cent to US$124.75.
Iron ore futures are pointing to a fall of 3.8 per cent.
Light crude is US$1.15 up at US$57.40 a barrel.
One Australian dollar is buying 70.35 US cents.