Market lifts on US stimulus agreed of $US2 trillion: ASX closed 5.5% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market after rising at the open it managed to stay in positive territory closing 5.5 per cent higher. Qantas (ASX:QAN) shares rose after securing $1.5 billion in debt funding. Meanwhile shares in Invocare (ASX:IVC) saw a dip. As for the sectors today Financials was the best performing sector while the worst performing sector was Healthcare.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 262 points higher to finish at 4.998.

Futures market

Dow futures are suggesting a fall of 146 points
S&P 500 futures are eyeing a fall of 38 points.
The Nasdaq futures are eyeing a dip of 139 points.
And the ASX200 futures are eyeing a 286 point rise tomorrow morning.

Local economic news

The trend estimate for the value of total engineering construction work done fell 0.5% in the December quarter.

Company news

New Zealand sanitiser manufacturer Zoono Group (ASX:ZNO) has entered into an Exclusive Distribution Agreement with Al Rabban Capital for the distribution of Zoono products in the Middle East and North African for around NZ$20 million. The company develops, manufactures and distributes antimicrobial solutions. They have safe, nontoxic and durable germ protection. Based in Doha, Qatar Al Rabban Capital is a leading provider of professional services with extensive networks, investments and distribution channels in the MENA Region. Shares in the Zoono Group (ASX:ZNO) closed 3.9 per cent higher at $1.32.

Wesfarmers (ASX:WES) report today Bunnings, Kmart, Target and Officeworks stores across Australia are operating under standard or near-standard trading hours and operations continue in the Group’s industrial businesses.

Domino’s Pizza (ASX:DMP) will close its New Zealand stores for 4 weeks from Thursday. Management is responding to quickly implement new operational methods including changes to transition to more delivery orders and reduce cash payments through Zero Contact in response to the coronavirus. They are seeing an increase in delivery orders and are hiring more drivers in Australia.

The Star Entertainment Group (ASX:SGR) are in the process of temporarily standing down over 90 per cent of their approximately 9,000 employees. Gaming facilities in Sydney, the Gold Coast and Brisbane stopped earlier this week along with the closure of food and beverage.

Best and worst performers of the day

The best performing sector was Financials adding 8.7 per cent while the worst performing sector was Healthcare, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Afterpay Touch Group (ASX:APT), rising 3.8 per cent to close at $15. Shares in Qantas Airways (ASX:QAN) and Aristocrat Leisure (ASX:ALL) followed higher.

The worst performing stock in the S&P/ASX 200 was Invocare (ASX:IVC), dropping 12.2 per cent to close at $9.83. Shares in Pinnacle Investment Management Group (ASX:PNI) and Wisetech Global (ASX:WTC) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 6.3 per cent, Hong Kong’s Hang Seng has added 2.9 per cent and the Shanghai Composite has added 1.5 per cent.

Commodities and the dollar

Gold is trading at US$1,605 an ounce.
Iron ore price has added 3.6 per cent at US$83.97.
Iron ore futures are pointing to a rise of 3.4 per cent.
Light crude is US$0.98 up at US$33.19 a barrel.
One Australian dollar is buying 60.08 US cents.