Financials charge ahead: Aus shares close 0.65% higher

Market Reports

by Clive Tompkins

It has been a good day for the Australian share market, following a positive close to US markets Friday after a volatile week.

The local bourse rose at the open and continued higher, before closing 0.65 per cent higher.

Bendigo and Adelaide Banks (ASX:BEN) shares soared 7.5 per cent higher, after it reported a rise in its statutory net profit, while the Bank of Queensland (ASX:BOQ) closed 3.2 per cent higher and IOOF Holdings (ASX:IFL) is finished 2.6 per cent up.

Not much shine though for the REITs, which saw some selling.

At the closing bell the S&P/ASX 200 index closed 37 points up to finish at 5,730.

The value of trades was $4.1 billion on volume of 569 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA) ,BHP Billiton Limited (ASX:BHP) and National Australia Bank (ASX:NAB).

On the futures market the SPI is 33 points up.


Asian markets

The Nikkei is 1 per cent lower, Hong Kong’s Hang Seng is 1 per cent higher and the Shanghai Composite is 0.8 per cent higher.

Company News

oOh!media Limited (ASX:OML) reported HY17 Underlying EBITDA of $34m & net profit after tax of $7.1m up 27.0% and 18.3% respectively, compared with the same period last year. The out of home advertising company attributed the strong performance to both the sector’s strength and further market share gains in its key product categories. Digital revenue as a percentage of total revenue increased to 52.1% the first time more than half of group revenue is derived from digital assets. oOh!media announced a fully franked interim dividend of 4.5 cents per share and increase of 0.5c.

Shares in oOh!Media (ASX:OML) has closed 7.92 per cent higher at $4.36.

Crown Resorts (ASX:CWN) has announced the last of the 19 current and formers employees of the group, that were detained in China, have now been released.

Praemium (ASX:PPS) has reported record profit for the year ending 30 June 2017. The software platform saw its net profit before tax rise 42 per cent to $2.2 million, while its net profit after tax fell 12 per cent compared to FY16.

Newcrest Mining (ASX:NCM) has reported its net profit attributable to members fell 7 per cent to US$308 million in the financial year ending 30 June 2017 compared to the prior corresponding period.

Best and worst performers

The best performing sector was Financialss adding 1 per cent to close at 6,522. The worst performing sector was Utilities, losing 0.3 per cent to close at 8,238 points.

The best performing stock in the S&P/ASX 200 was oOh!Media Limited (ASX:OML), rising 7.92 per cent to close at $4.36. Shares in Bendigo and Adelaide Bank Limited (ASX:BEN) and Vocus Group Limited (ASX:VOC) also closed higher.

The worst performing stock in the S&P/ASX 200 was Resolutre Mining Limited (ASX:RSG), dropping 4.04 per cent to close at $1.07. Shares in JB Hi-Fi Limited (ASX:JBH) and Ansell Limited (ASX:ANN) also closed lower.

Commodities

Gold is trading at $US1,286 an ounce. Light crude is $0.22 up at $US48.97 barrel. One Australian dollar is buying 78.89 US cents.