Lynas (ASX:LYC) shares hit a 7-year high: ASX closes 0.3% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. The local bourse managed to close 0.3 per cent higher. Shares in Lynas Corp (ASX:LYC) hit a seven year high. Shares in Insurance Australia Group (ASX:IAG) dropped today despite the company successfully completing a $650 million institutional placement.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 22 points higher to finish at 6,562.

Futures market

Dow futures are suggesting a rise of 81 points.
S&P 500 futures are eyeing a lift of 9 points.
The Nasdaq futures are eyeing a rise of 42 points.
And the ASX200 futures are eyeing a 27 point rise tomorrow morning.

Company news

Next Science (ASX:NXS) reports that Next Science and 3M have agreed to not renew 3M’s distribution agreement for BlastX. BlastX is a wound gel. The parties have agreed to not renew the deal after its initial term next year. The contract, which was announced by Next Science in November 2018. Shares in Next Science (ASX:NXS) closed 9.2 per cent lower at $1.13.

Healius (ASX:HLS) has completed the sale of its Medical Centres business, called Healius Primary Care, to funds managed by BGH Capital for $483 million.

Helloworld Travel Limited (ASX:HLO) has entered into an agreement to acquire cruise wholesaling specialist, CruiseCo.

Southern Cross Electrical Engineering Limited (ASX:SXE) has been awarded a contract valued at over $65 million by Rio Tinto in the Pilbara region.

Best and worst performers of the day

The best performing sector was Energy adding 2.8 per cent while the worst performing sector was Real Estate Investment Trusts, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Mesobalst (ASX:MSB), rising 17.6 per cent to close at $4.28. Shares in Lynas Corporation (ASX:LYC) and TPG Telecom (ASX:TPG) followed higher.

The worst performing stock in the S&P/ASX 200 was Insurance Australia Group (ASX:IAG), dropping 6.04 per cent to close at $5.13. Shares in Avita Therapeutics (ASX:AVH) and Downer EDI (ASX:DOW) followed lower.

Asian markets

Mixed: Japan’s Nikkei is closed due to Labour Thanksgiving day, Hong Kong’s Hang Seng has lost 0.1 per cent and the Shanghai Composite has gained 1.3 per cent.

Commodities and the dollar

Gold is trading at US$1,874 an ounce.
Iron ore price is 0.7 upat US$128.83.
Iron ore futures are pointing to a fall of 0.9 per cent.
Light crude is US$0.10 higher at US$43.61 a barrel.
One Australian dollar is buying 73.13US cents.

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