Strong start for week: Aus shares close 0.71% higher

Market Reports

by Jessica Amir

The Australian share market had a stellar day and trading week, defying the odds after Hurricane Irma’s wrath hit US stocks.

After opening in the black, the local bourse managed to muster up throughout the session with financials playing the strongest tune today. The Macquarie Group (ASX:MQG) rose almost 3 per cent today after it announced a stronger first half on the back of fees and performance.

All of the sectors, except materials chimed higher with Newcrest Mining (ASX:NCM) losing about 3 per cent after the gold price back tracked, while BHP (ASX:BHP) shed almost 1.8 per cent.

At the closing bell the S&P/ASX 200 index closed 41 points up, or 0.71 per cent higher to finish at 5,713..

The value of trades was $4.4 billion on volume of 588 million shares at the close of trade.

The top three stocks by value were CBA (ASX:CBA), BHP (ASX:BHP) and ANZ (ASX:ANZ).

On the futures market the SPI is 42 points up.

Asian markets

Japan’s Nikkei has added 1.3 per cent, Hong Kong’s Hang Seng has gained 1 per cent and the Shanghai Composite has added 0.1 per cent.

Company news 

Ten Network Holdings’ (ASX:TEN) receivers have prepared a supplementary report in response to the NSW Supreme Court proceedings brought down by Birketu Pty Ltd, WIN Corporation and Andrew Lancaster (CEO of WIN Corporation and Director of Ten Network Holdings). The second meeting of Ten Group’s Creditors will take place on Tuesday 19 September at Sydney Harbour Marriott. Shares in Ten Network Holdings’ (ASX:TEN) last traded at $0.16.

Tabcorp Holdings (ASX:TAH) is a step closer to creating a merged gambling entertainment giant with Tatts Group (ASX:TTS) after the Supreme Court of Victoria made orders for Tatts (ASX:TTS) shareholders to vote on the proposed combination.

BHP Billiton (ASX:BHP) has announced the final prices of its global multi-currency bond repurchase plan.

Pro-Pac (ASX:PPG) announced a transformational $177.5 million merger with Integrated Packaging Group and a fully underwritten $54.8 million equity raising which will see it become the preeminent leader in the sector.

Best and worst performers of the day

The best performing sector was Financials (ex REITS) adding 1.55 per cent to close at 7,013.

The worst performing sector was Materials, shedding 1.1 per cent to close at 10,542 points.

The best performing stock in the S&P/ASX 200 was Galaxy Resources Limited (ASX:GXY), rising 6.76 per cent to close at $2.37. Shares in The A2 Milk Company Limited (ASX:A2M) and Orocobre Limited (ASX:ORE) also closed higher.

The worst performing stock in the S&P/ASX 200 was Sandfire Resources (ASX:SFR), dropping 4.81 per cent to close at $6.13. Shares Retail Food Group Limited (ASX:RFG) and Independence Group (ASX:IGO) also closed lower.

Commodities

Gold is trading at $US1,337 an ounce.
Light crude is $1.61 lower at $US47.48 barrel.
One Australian dollar is buying 80.46 US cents.

 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.