Back at 10-yr highs: Aus shares close 0.53% higher

Market Reports

by Jessica Amir

The Australian share market ended its session higher today, back near our new 10-year highs, despite trade war fears putting pressure on metal prices. Telcos did well again today with Telstra pushing the sector higher after it gained 1.8 per cent.

The financial sector also boded well with CBA (ASX:CBA) and ANZ (ASX:ANZ) rising over 1 per cent.

And in a reverse of yesterday, most sectors gained. Miners saw the most selling today after the iron ore price dipped 0.5 per cent to US$64.20, while its futures point to a fall of 1.8 per cent. Copper fell to a new near 11 month low. And on Wednesday zinc prices fell 3.2 per cent, ending at its lowest close since June 2017.

The likes of Rio (ASX:RIO) lost over 1 per cent while BHP (ASX:BHP) and lost about 0.6 per cent, while Fortescue (ASX:FMG) gained.

At the closing bell the S&P/ASX 200 index closed 32 points or 0.52 per cent higher to finish at 6,216.

Futures market

The Dow futures are suggesting a gain of 13 points when their market repens after 4 July. 
And the ASX200 futures are eyeing a 29 point gain.

Value of trades

$5.6 billion on volume of 681 million shares at the close of trade. The top three stocks by value were CBA (ASX:CBA), Brambles (ASX:CBA) and Rio (ASX:RIO)

Company news 

Waste management company, Bingo Industries (ASX:BIN) has been given final development approval to build a recycling facility at Minto resource recovery centre in Sydney. The Department of Planning and Environment NSW approved the site to increase from 30,000 tonnes of recycling per annum to 220,000 tonnes per annum. All part of the company’s journey in having 3.4 million tonne capacity by the end of FY20. Shares in Bingo Industries (ASX:BIN) closed 0.74 per cent higher at $2.72.

Woolworths Group (ASX:WOW) has entered into a long-term strategic alliance with Caltex (ASX:CTX),. The new 15-year deal will see the petrol company pay Woolies $50 million, while Woolies also stands to get a pre-tax benefit of $80 million per annum. 

Leading medical cannabis company AusCann Group (ASX:AC8) has raised $33.4 million via a share placement to institutional investors, with its major shareholder Canopy Growth Corporation to increase its stake in AusCann to 11.2 per cent. The cannabis company will use the funds for cannabis pharmaceutical research, to develop a manufacturing facility in Chile and expand its operations in Australia.

Hardware distributor Dicker Data (ASX:DDR) has announced a new distribution deal for the full range of Kyocera A3 and A4 Ecosys printers and consumables across Australia, expanding its print portfolio in the Aussie market. The agreement is effective from July 5 and its ready to fulfil customer orders immediately.

IPOs

Online marketing platform for real estate agents, RMA Global Limited (ASX:RMY) started trading today, with an issue price of $0.25, it opened at $0.24 and it closed at $0.205 (20.5 cents).

Best and worst performers of the day

The best performing sector was telcos adding 1.7 per cent while the worst performing sector was materials, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Sydney Airport (ASX:SYD), rising 3.45 per cent to close at $7.49. Shares in Fairfax Media Limited (ASX:FXJ) and Resolute Mining Limited (ASX:RSG) followed higher.

The worst performing stock in the S&P/ASX 200 was Bellamy's Australia Limited (ASX:BAL), dropping 9.62 per cent to close at $12.77. Shares in Domino's Pizza Enterprises Limited (ASX:DMP) and Lynas Corporation Limited (ASX LYC) followed lower.

Asian markets

Are all lower: Japan’s Nikkei has lost 0.8 per cent, Hong Kong’s Hang Seng has lost 0.96 per cent and the Shanghai Composite has shed 0.6 per cent.

Commodities and the dollar

Gold is trading at $US1,256 an ounce.
Light crude is $0.19 up at $US74.33 barrel.
One Australian dollar is buying 73.78 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained about 2.6 per cent to US$6,672, Ethereum is about 2.9 per cent higher at US$475 and EOS is 2.3 per cent higher to US$8.94.