At the closing bell, the S&P/ASX 200 was 0.71 per cent or 50 points higher at 7048.10.
The Dow Jones futures are pointing to a rise of 75 points.
The S&P 500 futures are pointing to a rise of 15.50 points.
The Nasdaq futures are pointing to a rise of 46.25 points.
The SPI futures are pointing to a rise of 55 points when the market next opens.
Best and worst performersThe best-performing sector was Real Estate Investment Trusts, up 2.37 per cent. The worst-performing sector was Consumer Staples, down 1.57 per cent.
The best-performing stock in the S&P/ASX 200 was Paladin Energy
(ASX:PDN), closing 11.56 per cent higher at $0.82. It was followed by shares in Insignia Financial
(ASX:IFL) and Nine Entertainment
(ASX:NEC).
The worst-performing stock in the S&P/ASX 200 was City Chic Collective
(ASX:CCX), closing 19.31 per cent lower at $1.99. It was followed by shares in Kelsian Group
(ASX:KLS) and Domino Pizza Enterprises
(ASX:DMP).
Asian marketsMarkets in the Asia-Pacific traded higher ahead of the Jackson Hole symposium kicking off stateside.
Japan’s Nikkei 225 is 0.34 per cent higher, while the Topix is up 0.22 per cent. In South Korea, the Kospi has risen 0.56 per cent and the Kosdaq is up 0.49 per cent.
Hong Kong is slated to report July’s trade data later in the afternoon, while Japan is expected to release its latest Producer Price Index (PPI) for the month of July. Hong Kong has delayed the open of its $5.1 trillion stock market and suspended classes on Thursday because of tropical storm Ma-on.
Macro summary: Australia/New ZealandEconomyNew Zealand retail sales unexpectedly contract: There is a likely second straight quarterly contraction in New Zealand GDP following the surprise drop in Q2 retail sales (Bloomberg, interest.co.nz). Economists said that while a GDP contraction is not the base case, the weak retail sales results will prompt a downward revision to growth estimates as more data emerges. While retail sales comprise only around 7 per cent total GDP, economists noted the data does provide a relatively good signal on overall growth.
PropertyGap between Australian house prices and units narrows: Financial Review cited data from CoreLogic, which showed the premium for Sydney houses over units shrunk by 2.2 per cent to 67 per cent in July, while in Melbourne the gap narrowed by 0.6 per cent to 57.07 per cent. The price difference largely reflects the faster contraction in detached housing values as rising interest rates and affordability constraints encourage buyers to turn to high density living.
CorporateIndustry bodies respond to New Zealand government's supermarket competition announcement: The New Zealand Herald highlighted reactions to the government's move to force supermarkets to provide their competitors fair access to their products on wholesale terms. Retail NZ expressed scepticism that the move will deliver better prices, pointing to the historical experience of past interventions. Consumer NZ welcomed the new rules, although dairy farmers said they are unlikely to make much difference to their access to wholesale supply.
DataNew Zealand Q2 retail sales are up 2.3 per cent q/q vs consensus +1.7 per cent and revised 0.9 per cent in Q1.
Company newsAnson Resources
(ASX:ASN) today announced that it has joined forces with global DLE leader Sunresin to develop a full-scale commercial lithium plant at the Paradox Lithium Project. Anson has executed a binding MoU with leading global DLE technology provider Sunresin for a long-term strategic and commercial alliance. Sunresin has successfully concluded eight months of engineering design work for the Paradox Lithium Project’s DFS, with the DFS to be released in near future. Anson will work closely with Sunresin to negotiate agreements for construction of a full-scale commercial lithium plant using Sunresin’s patented Direct DLE technology. Sunresin’s DLE technology has been commercialised with four operating projects and a further six under construction or under contract in China and South America, with a total production capacity of 73,000tpa. Shares in ASN closed up 26.19 per cent at 26.5 cents.
Bulletin Resources
(ASX:BNR) today provided an update on its Ravensthorpe Lithium Project. The project is located only 12km southwest, from the strike of Allkem's Mt Cattlin Lithium Mine. BHM Process Consultants were engaged to undertake the testwork. The results from this early phase of testwork are highly encouraging, and confirm the pegmatite mineralisation at the Ravensthorpe Lithium Project to be of a very high quality and able to achieve saleable product grades. Shares in BHM closed up 3.7 per cent at 14 cents.
Paragon Care today announced an agreement has been reached to acquire the business of Specialist Medical Supplies for $15.5 million dollars. SMS is the leading supplier in Australia of biopsy and skin lesion instrumentation and other related products. Paragon Care’s Group CEO and Managing Director Mark Hooper commented: "SMS fits neatly into the existing Paragon Care ‘pillar’ structure, with significant customer alignment so this acquisition is logical in terms of a strategic match and our capability to expand its portfolio across Paragon Care’s existing sales and distribution channels”. Shares in PGC are currently trading up 9.86 per cent at 41.5 cents. Shares in PGC closed up 13.33 per cent at 42.5 cents.
Magnis Energy Technologies
(ASX:MNS) has announced further significant results from the EFC battery program. The results showed only 3 per cent loss of the initial cell capacity after approximately two thousand six hundred cycles. The cells are developed using BMLMP technology, which delivers superior battery life with fast charge capabilities, while containing no nickel or conflict metals such as cobalt. The BMLMP technology is patented by C4V, which Magnis has a 9.65 per cent stake in. Magnis Chairman Frank Poullas commented: “Today’s game changing results are very exciting for everyone involved. With the iM3 New York Lithium-ion Battery Plant being in commercial production, we have a platform to produce batteries using new technologies once they have been commercialised.” Shares in MNS closed up 2.17 per cent at 47 cents.
Commodities and the dollarGold is trading at US$1757.44 an ounce.
Iron ore futures are pointing to a rise of 0.28 per cent.
Light crude is trading $0.38 higher at US$95.27 a barrel.
One Australian dollar is buying 69.56 US cents.
