Citi upgrades Inghams Group (ASX:ING): Aus shares close 0.04% higher

Market Reports

by Ortenzia Borre

The Australian share market has strengthened in afternoon trading following a tumultuous start to the week. Cash Converters gained 40 per cent after they settled a class action claim of $42.5M although WiseTech and Treasury Wines continued their decline.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 3 points higher to finish at 6,653.

Broker moves

Citi has upgraded Inghams Group (ASX:ING) from neutral to a buy. The target price remains unchanged at $3.40.

The analysts believe the implied yield looks rather attractive in the current low yield environment and they are confident that management will be able to steer the ship around successfully.

The company held its annual general meeting last week and will now focus on its Strategy Day next Tuesday.

Futures market

Dow futures are suggesting a rise of 50 points.
S&P 500 futures are eyeing a rise of 6 points.
The Nasdaq futures are eyeing a lift of 19 points.
The ASX200 futures are eyeing a 10 point rise tomorrow morning.

Company news

Perseus Mining (ASX:PRU) says it proposes to strengthen its board of Directors with the appointment of Mr David Ransom to the role of non-executive director bringing the total number of directors serving on Perseus’s Board to six. David had previously held the position of Resource Analyst/Portfolio Manager with investment fund, Acorn Capital.

Shares in Perseus Mining (ASX:PRU) closed 3.2 per cent lower at $0.77.

Looking at some more headlines:

WiseTech Global (ASX:WTC) has entered another trading halt with the company is set to respond to a second report from J Capital Research.

Treasury Wines (ASX:TWE) has announced the resignation of their CEO Michael Clarke.

Afterpay Touch (ASX:APT) has responded to recent media reports on regulatory developments stating that it’s not currently the subject of an RBA enquiry..

Cromwell Property Group (ASX:CMW) has elected two new directors to the board.

Best and worst performers of the day

The best performing sector was REITs adding 1.2 per cent while the worst performing sector was Information Technology, shedding 2.2 per cent.

The best performing stock in the S&P/ASX 200 was Stockland (ASX:SGP), rising 6.5 per cent to close at $4.92, followed by shares in Inghams Group (ASX:ING) and Iluka Resources (ASX:ILU).

The worst performing stock in the S&P/ASX 200 was WiseTech Global (ASX:WTC), falling 12.3 per cent to close at $26.30 cents, followed by shares in Treasury Wine Estates (ASX:TWE) and New Hope Corporation (ASX:NHC).

Asian markets

Japan’s Nikkei has risen 0.3 per cent.
Hong Kong’s Hang Seng has also risen 0.3 per cent 
The Shanghai Composite is flat.

Commodities and the dollar

Gold is trading at US$1,490 an ounce.
Iron ore price fell 0.8 per cent to US$86.36.
Iron ore futures are pointing to a fall of 0.5 per cent.
Light crude is US$0.16 cents lower at US$53.87 barrel.
One Australian dollar is buying 68.60 US cents.