Banks and tech keep market busy: ASX closes 1% higher

Market Reports

by Rachael Jones

It has been a positive day of trade, with the Australian share market closing 1 per cent higher. Xero (ASX:XRO) did well today as did James Hardie Industries (ASX:JHX). NAB (ASX:NAB) shares gained even as its dividend was cut and FY19 profits fell. Shares in mining support services firm Perenti Global (ASX:PRN) fell sharply after an attack near the Semafo’s Bongou mine site in Burkina Faso resulted in several fatalities. As for the sectors today Information Technology led the day and the Energy sector fell lower - the only sector in the red. 

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 66 points higher to finish at 6,727.

Futures market

Dow futures are suggesting a fall of 18 points
S&P 500 futures are eyeing a fall of 4 points.
The Nasdaq futures are eyeing a dip of 13 points.
And the ASX200 futures are eyeing a 68 point rise for tomorrow morning.

Economic News

Australia's Trade Surplus expanded to 7.18 billion in September, according to the Australian Bureau of Statistics (ABS).

Company news

The Flight Centre Travel Group (ASX:FLT) share price is down following the release of its FY 2020 guidance after reporting its half profit before tax would be down 22 per cent to 36 per cent on the prior corresponding period. Underlying profit before tax (PBT) was $343.1 million, within their revised guidance range for the year but below the record FY18 result of $384.7 million. Businesses outside Australia generated 52 per cent of FY19 TTV and, for the first time, also generated more than half of group profit. Shares in Flight Centre Travel Group (ASX:FLT) closed 5.5 per cent lower at $40.07.

NAB (ASX:NAB) report their full year profits fell 10.6 per cent to $5.1 billion. The company also determined the Executive Leadership Team will receive no short-term variable reward and no fixed remuneration increase for FY19.

Cloud accounting software company Xero (ASX:XRO) has passed the 2 million subscriber milestone and reports 32% per cent operating revenue growth. UK subscribers grew by 51 per cent compared to the same period last year.

MedAdvisor (ASX:MDR), Australia’s leading digital medication management company, has signed a new 2-year agreement with pharmacy retail group, Sigma Healthcare (ASX:SIG). Sigma has a network of over 600 retail pharmacy franchise partners.


Cronos (ASX:CAU) started trading today. The supplier and seller of medicinal cannabis products floated with an issue price of $0.50, opened at $0.36 and is currently trading at $0.34

Best and worst performers 

The best-performing sector is Information technology, adding 3.3 per cent, while the worst performing sector is Energy, shedding 0.7per cent.

The best performing stock in the S&P/ASX 200 is Xero (ASX:XRO) closing 9.6 per cent higher at $73.95followed by shares in James Hardie Industries (ASX:ASX:JHX) and Bingo Industries (ASX:BIN)

The worst performing stock in the S&P/ASX 200 is Perenti (ASX:PRN), dropping 10.7 per cent to $2.08, followed by shares in Flightcentre Travel Group (ASX:FLT) and Pendal Group (ASX:PDL).

Asian markets

Lower: Japan’s Nikkei has lost0.1 per cent, Hong Kong’s Hang Seng has lost 0.3 per cent and the Shanghai Composite has also lost 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,491 an ounce.
Iron ore price is 0.2 per cent higher at US$83.47.
Iron ore futures are pointing to a fall of 1 per cent.
Light crude is US$0.04 up at US$56.39 a barrel.
One Australian dollar is buying 68.66 US cents.