Huon Aquaculture upgraded, miners lift: Aus shares close 0.6% higher

Market Reports

by Jessica Amir

The Australian share market partially recovered from yesterday’s losses, and the S&P/ASX 200 index closed 37 points higher, or 0.6 per cent higher at 6,165. Over the index gained 22 points or 0.4 per cent, taking us back to June highs, also levels we reached earlier in the week (11 September). We also saw the AUD get back over the 72 cent level.

Most of the sectors bucked higher today with Healthcare, Info Tech, and Miners gaining 1 per cent.

Ord Minnett rated Huon Aquaculture (ASX:HUO) as a buy, while Bell Potter re-rated the stock as a hold with a price target of $4.85. It closed 0.9 per cent higher at $4.49.

Futures market

Dow futures are suggesting a rise of 29 points.
S&P 500 futures are eyeing a rise of 2 points.
The Nasdaq futures are eyeing lift of 17 points.
And the ASX200 futures are eyeing a 42 point rise Monday morning

Company news

Hometown has extended its $683 million takeover offer for Gateway Lifestyle Group (ASX:GTY) to 8 October 2018 at 7pm and it also waived certain conditions as well as accelerating payment terms for Gateway shareholders. Gateway Lifestyle Group (ASX:GTY) shares closed flat at $2.24.

Primary Health Care (ASX:PRY) announced the Fair Work Commission’s draft workplace determination, supporting its Dorevitch Victorian pathology business employees, will have a $4.5 million post-tax impact on its underlying net profit after tax in FY19 guidance. The FY18 impact on underlying and reported earnings is tipped to be $4.8 million.

Contango Asset Management (ASX:CGA) officially completed the $2.87 million takeover of Switzer Asset Management, (which equated to paying $0.40 per share for about 7.17 million shares).

Investa Office Fund’s (ASX:IOF) board is preparing to engage with Oxford Properties Group following their unsolicited, non-binding, takeover offer for $3.4 billion ($5.60 per share).

Best and worst performers of the day

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

The best performing stock in the S&P/ASX 200 was Lynas Corporation Limited (ASX:LYC), rising 5.5 per cent to close at $1.94. Shares in Speedcast International Limited (ASX:SDA) and Afterpay Touch Group Limited (ASX:APT) followed higher.

The worst performing stock in the S&P/ASX 200 was Syrah Resources Limited (ASX:SYR), dropping 2.97 per cent to close at $2.29. Shares in Primary Health Care Limited (ASX:PRY) and Super Retail Group Limited (ASX:SUL) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 0.98 per cent, Hong Kong’s Hang Seng has added 0.95 per cent and the Shanghai Composite has risen 0.07 per cent.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 09 per cent, The S&P 500 added 1.1 per cent and the tech heavy Nasdaq gained 1.4 per cent.

Commodities and the dollar

Gold is trading at US$1,206 an ounce.
Iron ore price rose 0.6 per cent to US$68.26 and its futures are pointing to a lift of 1.2 per cent.
Light crude is US$1.53 lower at US$68.63 barrel.
One Australian dollar is buying 72.02 US cents.

Cryptocurrencies

Bitcoin has gained 2.4 per cent to US$6,565, Ethereum gained about 16 per cent to US$220