New 10-year high on earnings: Aus shares close 0.2% higher

Market Reports

by Jessica Amir

The Australian share set a new 10 year high, with reporting season giving us the extra boost. Property, Telcos and Utilities led half of the sectors higher today after Goodman Group (ASX:GMG) gained over 5 per cent on a stellar 2018 financial report card.

While we saw Ausdrill (ASX:ASL) lead the top 200 after it rose 14 per cent on completing a capital raise and being upgraded to a ‘buy’ by UBS, propelling the stock above its 50 day moving (earlier in the session it was 18 per cent higher).

We also saw Seven West Media (ASX:SWM) gain about 9 per cent, and Link Resources (ASX:LNK) rise about 6 per cent after they reported yesterday.  

Healthcare fell the most after Estia Health (ASX:EHE) shed over 5 per cent, continuing its two-day slide after reporting its results. While miners fell slightly. But they have been performing strongly of late after they have been performing strongly of late.

At the closing bell the S&P/ASX 200 index closed 11 points higher, or 0.2 per cent higher, to finish at 6,339.

Futures market

Dow futures are suggesting a rise of 26 points.
S&P 500 futures are eyeing a dip of 0.3 points.
The Nasdaq futures are eyeing fall of 6 points.
And the ASX200 futures are eyeing a 14 point rise Monday morning

Value of trades

$6.2 billion on volume of 783 million shares at the close of trade. The top three stocks by value were CSL (ASX:CSL), Rio Tinto (ASX:RIO) and BHP Billiton Limited (ASX:BHP).

Economic news

No data to report on, however the RBA Governor, Philip Lowe delivered a speech to the House of Representatives Standing Committee on Economics. Global bank, UBS analysed that speech, and say that as wages remain too low, the RBA will not be hiking rates before 2020.

Company news

Evolution Mining (ASX:EVN) reported its net profit after tax gained 21 per cent to $263 million, a 4 per cent lift in its revenue and a rise of 11 per cent in its earnings (EBITDA) for 2018 financial year. Shares in Evolution Mining Limited (ASX:EVN) closed 3.9 per cent lower at $2.74.

Property Group, Goodman (ASX:GMG) reported its statutory profit soared over 40 per cent $1.1 billion financial year ending 30 June, while its revenue rose 5 per cent on FY17 and its final and interim dividend rose about 9 per cent each.

Oil Search (ASX:OSH) who have a 29 per cent interest in the PNG LNG project, have inked a mid-term sale and purchase agreement with BP Singapore.

WorleyParsons (ASX:WOR) has been awarded a project management consultancy contract by Indonesia’s national oil company, PT Pertamina.

Online gambling company, Jumbo Interactive (ASX:JIN) reported their profit after tax (attributable to shareholders) rose 115 per cent to $12.1 million (in the financial year ending 30 June 2018) on the back of its improved software, which boosted customer activity. It has continued its 9-day share run closing 17 per cent higher.

Billing software, and meter data management company for utility, pay TV and Telcos companies, Hansen Technologies (ASX:HSN) reported its net profit after tax lifted 21 per cent in the 2018 financial year, to $28.9 million. Its shares broke above their 50-day moving average.

Best and worst performers of the day

The best performing sector was REITs adding 1.4 per cent while the worst performing sector was Healthcare, shedding 0.5 per cent.

The best performing stock in the S&P/ASX 200 was Galaxy Resources (ASX:GXY), rising 4.5 per cent to close at $2.78. Shares in Orocobre (ASX:ORE) and Inghams Group (ASX:ING) followed higher.

The worst performing stock in the S&P/ASX 200 was Estia Health (ASX:EHE), dropping 5.1 per cent to close at $2.98. Shares in Platinum Asset Management (ASX:PTM) and Iluka Resources (ASX:ILU) followed lower.

Asian markets

Mixed. Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has lost 0.4 per cent.

Wall Street

Wrapped up the four trading days this week mixed. The Dow Jones added 1 per cent, the S&P 500 added 0.3 per cent and the tech heavy Nasdaq lost 0.4 per cent.

Commodities and the dollar

Gold is trading at $US1,174 an ounce.
Light crude is $0.38 up at $US64.84 a barrel.
The iron ore price fell 1.0 per cent to US$66.51.
Iron ore futures are pointing to a rise of 1.1 per cent.
One Australian dollar is buying 72.68 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies (ex Tether) are trading higher. Bitcoin has gained 2.2 per cent to US$6,477, Ethereum has added 4.7 per cent to US$300 and EOS has added 2.5 per cent to US$4.79.