It has been a positive start to trading week for the Australian share market, finishing the day about half a per cent higher.
We saw a rise at the open and the local bourse maintained momentum with most of the sectors extending the day’s rally.
Financials led the charge, followed by the Consumer Discretionary sector. The likes of IOOF Holdings
(ASX:IFL) rose over 2.3 per cent while Webjet
(ASX:WEB) gained 2.5 per cent.
On the flip side, Telcos, and Utilties closed lower and put a cap on gains with the likes of Telstra
(ASX:TLS) shedding over 1 per cent in the wake of a shareholder meeting.
At the closing bell the S&P/ASX 200 index closed 26 points up, or 0.45 per cent higher to finish at 5,721.
The value of trades was $4.3 billion on volume of 587 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA) ANZ
(ASX:ANZ) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 33 points up.
Asian markets Japan’s Nikkei is closed for a public holiday, Hong Kong’s Hang Seng has added 1.13 per cent and the Shanghai Composite has added 0.17 per cent.
Company news Indoor Skydive Australia Group
(ASX:IDZ) has announced its indoor skydiving centre lease at the Iconic Entertainment Quarter has been extended to 31 July 2018. The centre in Moore Park in Sydney, has an initial lease of 20 years, with potential to extend, subject to receiving development approval under the lease. Indoor Skydive Australia Group
(ASX:IDZ) closed flat at $0.24.
ANZ
(ASX:ANZ) responded to media speculation relating to the possible divestment its life insurance, superannuation, investments and advice business, Wealth Australia. The big-four bank says it’s looking at options including exploring capital market solutions to create a standalone business.
Medlab Clinical Limited
(ASX:MDC) has been granted a 20 year Australian patent for its anti-depression product NRGBiotic.
Moody’s Investor Services (Moody’s) has assigned first time ratings to Auswide Bank
(ASX:ABA). The ratings agency gave the Australian bank a deposit rating of Baa2 with a stable outlook
The best and worst performers of the dayThe best performing sector was Financials ex Reits adding 0.78 per cent to close at 7,160.
The worst performing sector was Telcos, shedding 0.84 per cent to close at 1,271 points.
The best performing stock in the S&P/ASX 200 was APN Outdoor Group Limited
(ASX:APN), rising 3.98 per cent to close at $4.70. Shares in Worleyparsons
(ASX:WOR) and Syrah Resources
(ASX:SYR) also closed higher.
The worst performing stock in the S&P/ASX 200 was Fisher & Paykel Healthcare Corporation Limited
(ASX:FPH), dropping 4.31 per cent to close at $11.09. Shares in Resolute Mining
(ASX:RSG) and Mayne Pharma Group
(ASX:MYX) also closed lower.
IPOsRightCrowd
(ASX:RCW) started trading today. The software company adds enhancements to existing physical control systems. It floated with an issue price of 30 cents, opened at 31 cents and closed 29.5 cents.
Commodities and the dollar Gold is trading at $US1,318 an ounce.
Light crude is $0.09 up at $US50.44 barrel.
One Australian dollar is buying 80.23 US cents.