Stellar start for IPO EZZ Life Science (ASX:EZZ): ASX closed 0.8% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. At the closing bell the S&P/ASX 200 index closed 56 points up or 0.8 per cent higher to finish at 6,818.

Futures market

Dow futures are suggesting a rise of 117 points.
S&P 500 futures are eyeing a rise of 16 points.
The Nasdaq futures are eyeing lift of 88 points.
And the ASX200 futures are eyeing a 62 point risetomorrow morning

Economic news

Australia’s GDP has grown by 3.1 per cent during the fourth quarter on a quarter-on-quarter basis, smashing consensus forecasts for a 2.5 per cent increase.

Company news

Regenerative medicine company Orthocell (ASX:OCC) has received notification from the Australian Government Department of Health that CelGro Dental has been included on the Australian Prostheses List. This enables dental practitioners to receive reimbursement from private insurers for use of CelGro Dental in approved dental bone and soft tissue repair procedures, reducing costs to the patient. Shares in Orthocell (ASX:OCC) closed almost 1 per cent higher at $0.52.
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St Barbara (ASX:SBM) advises that, following an extensive tender process, Macmahon Holdings has been appointed the underground mining contractor at the Gwalia mine at Leonora Operations in Western Australia.

Freedom Foods Group (ASX:FNP) has completed the first stage of a phased completion of the sale of its Cereal and Snacks operations with ownership transferring today to The Arnott’s Group. They expect the sale will remain at approximately $20 million with net proceeds of approximately $11 million.

Nine Entertainment Co. (ASX:NEC) has today announced the appointment of Mike Sneesby from Stan as Chief Executive Officer, effective from April.

IPOs

EZZ Life Science Holdings (ASX:EZZ) started trading today. They distribute skincare products and production and distribution of consumer health products in Australia and New Zealand. They issued at $0.50, started trading at $0.68 and closed at $1.16.

Best and worst performers of the day

The best performing sector was materials adding 3.1 per cent while the worst performing sector was infotech shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 was Ramelius Resources (ASX:RMS), rising 13.7 per cent to close at $1.37. Shares in Nufarm (ASX:NUF) and Silver Lake Resources (ASX:SLR) followed higher.

The worst performing stock in the S&P/ASX 200 was News Corp (ASX:NWS), dropping 3.8 per cent to close at $29.40. Shares in Domain Holdings Australia (ASX:DHG) and Deterra (ASX:DRR) followed.

Asian markets

higher:Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has added 1.7 per cent and the Shanghai Composite hasgained 1.4 per cent.

Commodities and the dollar

Gold is trading at US$1,736 an ounce.
Iron ore price rose 0.6 per cent to US$175.55.
Its futures are pointing to a rise of 2.9 per cent.
Light crude is US$0.27 up at US$56.33 barrel.
One Australian dollar is buying 78.23 US cents.