Bulls are back: Aus shares close 0.74% higher

Market Reports

by Carolyn Herbert

It has been a positive start to the trading week for the Australian share market, opening in the black and continuing that momentum throughout the session before closing 0.74 per cent higher. We saw a recovery in the energy space after an increase in the oil price overnight and the financials space made some solid gains led up by the big four banks.

The S&P/ASX 200 index closed 40 points up to finish at 5,538.

The value of trades was $4.4 billion on volume of 606 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 30 points up.

Economic news

Job ads have fallen for the month of July according to latest figures from ANZ. Total advertisements fell by 0.8 per cent to 157,278, with both internet and newspaper ads declining. On year, the annual percentage growth rate has slowed to 6.9 per cent.

Company news

IOT Group (ASX:IOT) says after meeting major distribution partners in the US for its ROAM-e flying selfie device, the company is confident in achieving sales of 440,000 units. It also says it remains in a strong financial position having recently completed a significant capital raising. Shares in IOT Group closed 6.52 per cent higher at $0.049.

Michael Hill International Limited (ASX:MHJ) says CEO Mike Parsell will step down after 16 years leading the company.

FlexiGroup Limited (ASX:FXL) says it has teamed up with Flight Centre Travel Group Limited (ASX:FLT) to provide interest-free finance to approved customers within Australia.

Dexus Property Group (ASX:DXS) says it has exchanged contracts on 79-99 St Hilliers Rd Auburn for $65 million.

Best and worst performers

The best performing sector was Energy adding 1.5 per cent to close at 8,524. The worst performing sector was Telcos, losing 0.7 per cent to close at 2,074 points.

The best performing stock in the S&P/ASX 200 was Programmed, rising 5.76 per cent to close at $2.02. Shares in Flight Centre and Downer EDI also closed higher.

The worst performing stock was Saracen, dropping 6.3 per cent to close at $1.71. Shares in Northern Star Resources and Evolution Mining also closed lower.

Commodities and the dollar

Gold is trading at $US1,336 an ounce.
Light crude is $0.05 higher at $US41.98 a barrel.
The Australian dollar is buying $US0.7615. 


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.