Clawing back on upgrades: Aus shares close 0.35% higher

Market Reports

by Jessica Amir

The Australian share market started the week with a gain of 0.4 per cent, clawing back from the market slipping in the red at the open and at noon.

We had a suite of brokers upgrades and better than expected results on Monday, with most of the sectors making a profit, with tech stocks and the Consumer Discretionary space gaining the most.

At the closing bell the S&P/ASX 200 index closed 22 points higher, or 0.4 per cent higher, to finish at 6,269, taking the market back to where it sat two weeks ago (14 August 2018).

Futures market

Dow futures are suggesting a rise of 80 points.
S&P 500 futures are eyeing a rise of 6 points.
The Nasdaq futures are eyeing lift of 28 points.
And the ASX200 futures are eyeing a 16 point rise tomorrow.

Value of trades

$5.1 billion on volume of 704 million shares at the close of trade. The top three stocks by value were Westpac (ASX:WBC), BHP Billiton Limited (ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).

Company news

The a2 Milk Company (ASX:A2M) issued over 1 million new shares onto the market just days after announcing its 2018 financial results, which beat most analysts expectations with its net profit after tax jumping 116 per cent. Just one year ago it was a $4.98 stock and today it closed 3.6 per cent higher at $11.18.

Childcare services company, G8 Education (ASX:GEM) half year underlying NPAT fell 23.9 per cent. 

Telco, internet and energy provider, Amaysim (ASX:AYS) reported its NPAT fell 76 per cent to $2.7 million from last year driven by increased depreciation of technology investment and financing and costs related to acquisition funding. While its revenue gained 77 per cent on last year, to $578 million, driven by strong 12-month contribution of energy and subscriber growth.

We have seen Afterpay (ASX:APT) shares continue to break records. It gained 7.3 per cent today, setting an all-time high again after Morgans and Ord Minnett both upgraded the buy now pay later company on Friday the company’s US expansion strengthens.

Platinum Asset Management (ASX:PTM) shared gained 7.3 per cent after being upgraded to a neutral position from underperform by Credit Suisse, after their FY18 results were slightly better than Credit Suisse had expected.

Renewable energy generator, Infigen Energy (ASX:IFN) shares gained 4 per cent after, reported its net profit after tax grew 42 per cent to $45.7 million in the 2018 financial year gain 42 per cent. While its revenue (from ordinary activities) grew 14 per cent. 

Best and worst performers of the day

The best performing sector was Consumer Discretionary, adding 0.8 per cent while the worst performing sector was Healthcare, shedding 0.03 per cent.

The best performing stock in the S&P/ASX 200 was Afterpay Touch Group (ASX:APT), rising 7.3 per cent to close at $21.13. Shares in Platinum Asset Management (ASX:PTM) and Resolute Mining (ASX:RSG) followed higher.

The worst performing stock in the S&P/ASX 200 was G8 Education (ASX:GEM), dropping 16.5 per cent to close at $2.02. Shares in Reliance Worldwide Corporation (ASX:RWC) and GWA Group (ASX:GWA) followed lower.

Asian markets

Higher. Japan’s Nikkei has added 0.9 per cent, Hong Kong’s Hang Seng has added 2 per cent and the Shanghai Composite has gained 1.6 per cent.

Commodities and the dollar

Gold is trading at $US1,207 an ounce.
Iron ore is trading 1.3 per cent higher at $67.03.
The iron ore futures are pointing to a fall of 2.3 per cent.
Light crude is $0.89 higher at $US68.72 a barrel.
One Australian dollar is buying 73.23 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 1.5 per cent to US$6,736, Ethereum has gained 2.1 per cent to US$279 and EOS has gained 5.1 per cent to US$5.15, in the last 24 hours.