Clawing up over 6,180: Aus shares close 0.32% higher

Market Reports

by Jessica Amir

The Australian share market extended its gains from Friday, rising 0.3 per cent today with most of the sectors making gains with Telcos and Utilities leading, gaining over 1 per cent. While Healthcare lost almost 1 per cent after Scott Morrison announced a shake-up of the aged care sector, 

In broker moves, we saw Rural Funds Group (ASX:RFF) re-rated as a buy by Bell Potter, with a price target of $2.38.

At the closing bell the S&P/ASX 200 index closed 20 points higher, or 0.3 per cent higher, to finish at 6,185.

Futures market

Dow futures are suggesting a fall of 42 points.
S&P 500 futures are eyeing a dip of 6 points.
The Nasdaq futures are eyeing fall of 16 points.
And the ASX200 futures are eyeing a 9 point rise tomorrow.

Top three most traded stocks 

The top three stocks by value were BHP Billiton Limited (ASX:BHP), CSL (ASX:CSL) and Telstra Corporation (ASX:TLS).

Company news

Australia’s first listed dairy farmer, Australian Dairy Farms Group (ASX:AHF) advised that its farms are in ‘excellent quality in relatively drought resilient’ regions. It also advised that the ‘golden triangle’ of south west Victoria, is also not experiencing drought conditions. The farming company says having strong pasture growth is key in farming. Shares in Australian Dairy Farms Group (ASX:AHF) closed flat at $0.16.

Lithium stock market daring of 2017, Pilbara Minerals (ASX:PLS) advised it’s on track for its first shipment of spodumene concentrate from 20 September, from its Pilgangoora Lithium-Tantalum project in Western Australia and has achieved what they are saying is ‘exceptional’ quality. Its offtake partner, General Lithium says conversion from Pilbara Minerals has achieved battery grade lithium carbonate. Its shares broke above their 21-day moving average price, rising 3.3 per cent today.

Aged care provider, Estia Health (ASX:EHE) has responded to the Prime Minister, Scott Morrison calling for a Royal Commission into the sector, welcoming scrutiny into the sector and measures to help improve resident safety and care. Perpetual recently rose their stake in the company to about 12 per cent. And that followed the announcement that deputy CEO Ian Thorley will succeed Nora Barlow as the CEO in November. Estia shares fell to 2016 levels today and they lost 18.6 per cent.

NAB (ASX:NAB) has today announced changes to its executive leadership team with former NSW Premier Mike Baird to become Chief Customer Officer, Consumer Banking. He will lead NAB's retail banking business and the digital bank Ubank.

IPOs

Exploration and development company, Vintage Energy (ASX:VEN) started trading today. It floated with an issue price of $0.20, opened at $0.23 and it closed at $0.215.

Best and worst performers of the day

The best performing sector was Telco Services, adding 1.5 per cent while the worst performing sector was Healthcare, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was TPG Telecom (ASX:TPM), rising 3.8 per cent to close at $8.72. Shares in St Barbara (ASX:SBM) and Metcash (ASX:MTS) followed higher.

The worst performing stock in the S&P/ASX 200 was Estia Health (ASX:EHE), dropping 18.6 per cent to close at $2.40. Shares in Aveo Group (ASX:AOG) and Speedcast International (ASX:SDA) followed lower.

Asian markets

Lower. Japan’s Nikkei is closed due to Respect for the Aged Day, Hong Kong’s Hang Seng has lost 1.3 per cent and the Shanghai Composite has lost 1.1 per cent.

Commodities and the dollar

Gold is trading at US$1,196 an ounce.
The iron ore price fell 0.8 per cent to US$67.68. Its futures are pointing to a fall of 0.4 per cent.
Light crude is US$0.36 up at US$68.77 a barrel.
One Australian dollar is buying 71.62 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 0.1 per cent to US$6,489, Ethereum has gained 2.1 per cent to US$220 and EOS has gained 1.5 per cent to US$5.38, in the last 24 hours.