The Australian share market clawed back some of Monday’s losses and finished 0.6 per cent higher today with all sectors except property, ending higher.
Miners led the rally with Lynas Corp (ASX:LYC) rising 11.2 per cent, after it rose 6 per cent yesterday, which saw the stock break above its 50-day moving average price, with buying momentum pushing higher and taking the $1 billion rare-earths mining company, back to where its shares sat on 22 June.
As for the heavyweights, BHP (ASX:BHP) rose almost 2 per cent higher. Also help the cause, the iron ore price rose 0.9 per cent to US$65.75 overnight, taking the price higher for the week, while its futures are pointing to a rise of 0.52 per cent.
At the closing bell the S&P/ASX 200 index closed 0.61 per cent or 38 points higher at 6,266. We haven’t quite made up from yesterday’s 0.93 per cent slip though.
Dow futures are suggesting a gain of 72 points up.
And the ASX200 futures are eyeing a 41 point lift.
Value of trades
$4.7 billion on volume of 638 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 Rio (ASX:RIO).
Australian Lithium developer Pilbara Minerals (ASX:PLS) announced its first coarse concentrate production. It’s on progressing with the commissioning and ramping up of its 100 per cent owned Pilgangoora-lithium-tantalum project in WA. Today Pilbara Minerals (ASX:PLS) shares closed 1.5 per cent lower at $0.99.
Kogan (ASX:KGN) has announced unaudited its financial year earnings increased by 90 per cent on the prior corresponding period and its revenue grew by 40 per cent on the same time last year.
Westpac (ASX:WBC) appointed Anita Fung to its board. She’s a former chairman of HSBC Global Asset Management and a former Non-Executive Director of HSBC and Hang Seng Bank.
Ridley Corporation (ASX:RID) has announced the completion of the sale of its largest parcel of surplus land in Melbourne for $8 million.
Resolute Mining (ASX:RSG) announced FY18 gold production of 284 thousand ounces, beating its guidance.
And Iluka Resources (ASX:ILU) announced its revenue from zircon, rutile and synthetic rutile lifted 21 per cent to $607 million in the first half of 2018, despite 3 per cent lower sales volume.
Best and worst performers of the day
The best performing sector was Materials adding 1.3 per cent while the worst performing sector was S&P/ASX Real Estate Investment Trusts, shedding 0.2 per cent.
The best performing stock in the S&P/ASX 200 was Lynas Corporation Limited (ASX:LYC), rising 11.2 per cent to close at $2.38. Shares in Treasury Wine Estates Limited (ASX:TWE) and Ausdrill Limited (ASX:ASL) followed higher.
The worst performing stock in the S&P/ASX 200 was Afterpay Touch Group Limited (ASX:APT) (on the back of profit taking after it’s trading at all time highs). Today Afterpay lost 4.06 per cent to close at $14.43. Shares in Viva Energy Reit (ASX:VVR) and Infigen Energy (ASX:ifn) followed lower.
Higher: Japan’s Nikkei has added 0.51 per cent, Hong Kong’s Hang Seng has gained 1.4 per cent and the Shanghai Composite has gained the most, 1.5 per cent.
Commodities and the dollar
Gold is trading at $US1,220 an ounce.
Light crude is $0.46 lower at $US67.80 barrel.
One Australian dollar is buying 73.69 US cents.
Some of the most traded cryptocurrencies are trading mixed. Bitcoin has gained 3.7 per cent to US$7,947, Ethereum has gained about 0.03 per cent to US$468 and EOS has shed 2.4 per cent to US$8.12.