Back in business: Aus shares close 0.16% higher

Market Reports

by Carolyn Herbert

Well it was business as usual for the Australian share market today after yesterday’s technical issues at the ASX. Today investors were tentative with their purchases ahead of the Federal Reserve’s rates decision this week and the local bourse closed 0.16 per cent higher after a subdued day of trade. Today the healthcare space did the bulk of the heavy lifting with gains in the likes of heavyweights CSL and Ramsay Health Care.

The S&P/ASX 200 index closed 9 points up to finish at 5,304.

The value of trades was $5.6 billion on volume of 863 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Group (ASX:ANZ).

On the futures market the SPI is up 20 points.

Economic news

The Reserve Bank of Australia has released its board minutes for its September meeting where once again interest rates we left on hold. The board said taking into account the recent data, and having eased monetary policy at its May and August meetings, the Board judged that keeping rates on hold at 1.5 per cent was consistent with sustainable growth in the Australian economy, as well as inflation.

Company news

NRW Holdings Limited (ASX:NWH) is undertaking a placement of 41.8 million new ordinary shares to raise approximately $20 million. The shares will be issued at an issue price of 49 cents per share. The shares were issued at a 4.9 per cent discount of the closing share price of 51.5 cents yesterday. The company says the funds raised from the placement will go towards reducing its net debt, as well as provide additional liquidity. Shares in NRW Holdings last traded at $0.52.

TPG Telecom Ltd (ASX:TPM) has released its full year results for the last financial year, reporting a 69 per cent increase in net profit to almost $380 million.

SmartTrans Holdings Ltd (ASX:SMA) has secured the rights to distribute and bill for a new ‘Official App’ in China for famous NBA player, Stephen Curry.

Newly listed HotCopper Holdings Ltd (ASX:HOT) is launching a new product called ‘Corporate Spotlight’ in the next few weeks.

Best and worst performers

The best performing sector was Healthcare adding 0.7 per cent to close at 21,050. The worst performing sector was Telcos, losing 2.6 per cent to close at 1,823 points.

The best performing stock in the S&P/ASX 200 was Western Areas, rising 5.79 per cent to close at $2.74. Shares in NextDC and Whitehaven Coal also closed higher.

The worst performing stock was TPG Telecom, dropping 21.56 per cent to close at $9.28. Shares in Galaxy Resources and Infigen Energy also closed lower.

Commodities and the dollar

Gold is trading at $US1,317 an ounce.
Light crude is $0.24 higher at $US43.86 a barrel.
The Australian dollar is buying $US0.7545.


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.