Energy up most in Sep: Aus shares close 0.4% higher, 3 week high

Market Reports

by Jessica Amir

The Australian share market hit a 3-week high, rising 0.43 per cent today. The Australian Banking Association CEO says today’s release of the interim report of the Royal Commission into Financial Services, Insurance and Superannuation, marks a day of shame for Australia’s banks. Despite that, Financials gained the most today, 1.2 per cent.

Over the month of September, Financials gained 1.4 per cent, while  Energy was up the most, 3.6 per cent, followed by Telcos, 2.1 per cent. Resources gained 1.8 per cent. Healthcare lost the most 7.5 per cent.

At the closing bell today the S&P/ASX 200 index closed 26 points higher, or 0.4 per cent higher, to finish at 6,208. 13 points or 0.2 per cent higher over the week. 

Futures market

Dow futures are suggesting a rise of 11 points.
S&P 500 futures are eyeing a rise of 1 points.
The Nasdaq futures are eyeing lift of 4 points.
And the ASX200 futures are eyeing a 43 point rise Monday morning.

Most traded stocks 

The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac (ASX:WBC) and CSL (ASX:CSL).

Economic news

Private sector credit rose 4.5 per cent over the year to August, this was a drop from the prior reading’s 5.4 per cent. On a monthly basis, for August, credit rose 0.5 per cent, more than the 0.4 per cent expected and inked in July.

Company news

Asset management company, Blue Sky Alternative Investments Limited (ASX:BLA) received a lifeline from a global asset manager, Oaktree who secured a $50 million 7-year loan facility with for the firm. The funds will be used to strengthen Blue Sky’s capital. Shares in Blue Sky Alternative Investments Limited (ASX:BLA) closed flat at $1.58.

Westpac (ASX:WBC) announced plans to sell investment company company Ascalon Capital Managers. Meantime, UBS downgraded Westpac Bank (ASX:WBC) dropping its 12 month price target from to $25 after the big four announced cash earnings will be reduced by $235 million, as it addresses customer issues and allows for litigation costs. (That amounts to about 3 per cent EPS). Citi’s 12-month target price for Westpac is $31, while Bell Potter dropped its target price for WBC to $29.75.

Jewellery company Lovisa Holdings (ASX:LOV) released its annual report, highlighting record results with revenue up 21 per cent on the prior year.

CIMIC’s (ASX:CIM) CPB Contractors were awarded a $1 billion contract to support Victoria’s Metro Tunnel Project.

Hometown’s takeover offer for the over 50's residential community company, Gateway Lifestyle Group (ASX:GTY) is now fully unconditional. Hometown now owns 48.1 per cent of Gateway.

Baby company Bubs Australia (ASX:BUB) released its annual report noting its revenue quadruples on last year.

Best and worst performers of the day

The best performing sector was Financials, adding 1.2 per cent while the worst performing sector was REITs, shedding 0.6 per cent.

The best performing stock in the S&P/ASX 200 was Nanosonics (ASX:NAN), rising 5 per cent to close at $3.59. Shares in Infigen Energy (ASX:IFN) and Atlas Arteria (ASX:ALX) followed higher.

The worst performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA), dropping 3.8 per cent to close at $4.01. Shares in Blackmores (ASX:BKL) and The A2 Milk Company (ASX:A2M) followed lower.

Asian markets

Higher. Japan’s Nikkei has added 1.4 per cent, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has gained 0.9 per cent.

Wall Street

Wrapped up our four trading days this week mixed. The Dow Jones lost 1.2 per cent, The S&P 500 lost 0.5 per cent and the tech heavy Nasdaq gained 0.7 per cent.

Commodities and the dollar

Gold is trading at US$1,183 an ounce.
Iron ore price fell 0.4 per cent to US$68.67. Its futures are pointing to a fall of 1.1 per cent.
Light crude is US$0.62 up at US$72.19 barrel.
One Australian dollar is buying 72.17 US cents.

Cryptocurrencies

Bitcoin has gained 3.8 per cent to US$6,743, Ethereum gained 6.8 per cent to US$231 and Bitcoin Cash has gained about 6.1 per cent to US$559.