Bouncing back from 8-day slide: Aus shares close 0.62% higher

Market Reports

by Jessica Amir

The Australian share market snapped its eight-day losing streak with most sectors making a profit today and Telcos and Energy leading the charge, while Healthcare and Discretionary players saw some selling with the likes of Adairs (ASX:ADH) losing 4.5 per cent, while Myer (ASX:MYR) lost 3.3 per cent and Kogan (ASX:KGN) lost 2.4 per cent after the ABS advised personal finance lending fell 1.6 per cent in July.

Broker moves

IPH (ASX:IPH) had their buy rating reiterated by Bell Potter.
BHP’s (ASX:BHP) spin-off, South32 (ASX:S32) has been upgraded to a buy by Deutsche Bank.

At the closing bell the S&P/ASX 200 index closed 0.62 per cent higher or 38 points higher at 6,180.

Futures market

Dow futures are suggesting a rise of 25 points.
S&P 500 futures are eyeing a rise of 4 points.
The Nasdaq futures are eyeing rise of 17 points.
And the ASX200 futures are eyeing a 6 point rise tomorrow morning

Company news

Macquarie Group (ASX:MQG) is expected its FY19 results to be broadly in line with FY18, with the group’s short-term outlook subject to market conditions, foreign exchange, and the sale of Quadrant Energy, (which has not yet been included in its current outlook). At the same time, it also advised its first quarter of 2019 was in line with expectations, up on the same time last year, but fell compared to the prior strong quarter. Its Macquarie Asset Management business, (which contributes 33 per cent to the group’s result), saw an 8 per cent lift in assets under management. Shares Macquarie Group (ASX:MQG) closed 1.82 per cent higher at $124.87.

Medical device company, Fisher & Paykel Healthcare (ASX:FPH) has filed a patent infringement complaint in the US against ResMed (ASX:RMD). At the same time it also issued 17,000 new shares to the market

Pengana Capital (ASX:PCG) has announced that it's working on plans to launch an ASX listed investment trust next year. The funds management group says the proposed trust will provide investors with exposure to a diversified portfolio of private equity investments.

a2 Milk Company (ASX:A2M) presented to CLSA in Hong Kong, and its shares have pushed closer toward its 8-day moving average. The milk and infant formulae company noted in its presentation that it expects further growth in revenue in ANZ and China and liquid milk in the US. 

CIMIC Group’s (ASX:CIM) 50/50 partnership with Ventia has inked a road network contract in Western Australia that’s worth $190 million in revenue to Ventia. 

IPOs

Healthia (ASX:HLA) started trading today at a 20 per cent premium to its issue price of $1.00. It opened at $1.20 and the provider of Australian allied health services closed at $1.20.

Best and worst performers of the day

The best performing sector was S&P/ASX Telco Services adding 2.73 per cent while the worst performing sector was S&P/ASX Health Care, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 was NEXTDC Limited (ASX:NXT), rising 6.5 per cent to close at $6.22. Shares in Afterpay Touch Group Limited (ASX:APT) and Worleyparsons Limited (ASX:WOR) followed higher.

The worst performing stock in the S&P/ASX 200 was Inghams Group Limited (ASX:ING), dropping 3.9 per cent to close at $3.69. Shares in Bluescope Steel Limited (ASX:BSL) and Nine Entertainment Co. Holdings Limited (ASX:NEC) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added about 1.3 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite is 0.3 per cent lower.

Commodities and the dollar 

Gold is trading at US$1,195 an ounce.
Iron ore price fell 1 to US$67.81 and its futures are pointing to a fall of 0.7 per cent.
Light crude is US$0.22 lower at US$67.53 barrel.
One Australian dollar is buying 71.27 US cents.

Cryptocurrencies

Bitcoin has gained 0.64 per cent to US$6,368, Ethereum has shed about 2 per cent to US$195, in the last 24 hours.