Gold miners glitter, ASX 1% lower this week: Aus shares up 0.32% Wed

Market Reports

by Jessica Amir

The Australian share market gained 0.3 per cent today, thanks to a rally in mining stocks with gold bouncing around US$1,210, a five-day high for the commodity. That saw Saracen Mineral Holdings (ASX:SAR) hit a three-month high after jumping over 8 per cent while St Barbara (ASX:SBM) shares hit a seven-day high.

At the closing bell the S&P/ASX 200 index closed 20 points higher, or 0.3 per cent higher to finish at 6,146. But we are now about 1 per cent lower over the week, after we lost about 1.4 per cent on Monday and Tuesday.

Futures market

Dow futures are suggesting a rise of 33 points.
S&P 500 futures are eyeing a rise of 4 points.
The Nasdaq futures are eyeing lift of 6 points.
And the ASX200 futures are eyeing a 26 point rise tomorrow.

Most traded stocks

The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac (ASX:WBC), National Australia Bank (ASX:NAB).

Economic news

Dwelling approvals fell in August by 9.4 per cent in seasonally adjusted terms, surprising the market and economist who thought total dwellings would rise 1 per cent

Australia’s services sector rose 0.3 points to 52.5 in September, marking the 19 straight months of positive conditions. The index was expected to rise to 53.8 points. Despite that, it’s still above 50 points, indicating expansion.

Company news

Northern Star Resources (ASX:NST) received extra buy-in today after it presented at the Precious Metals Symposium (PMS) which pushed its shares to an eight-day high. Also helping, the rally, the gold price. Northern Star Resources (ASX:NST) shares closed 4.4 per cent higher at $8.73.

Centuria Industrial REIT (ASX:CIP) announced that its Independent Board Committee have rejected Propertylink’s proposal to acquire the listed industrial REIT.

SCA Property Group (ASX:SCP) has inked a deal to buy 10-convenience based shopping centres across Australia $573 million.

Ardent Leisure Group (ASX:AAD) announced a restructure proposal, which involves a new company, Ardent Leisure Group (NewCo) in place of the current structure. Subject to approvals, the change will occur by the end of 2018.

Zenitas Healthcare (ASX:ZNT) settlement of the purchase of Allied Care Group for $2.25 million plus transaction costs for the aged care education and training providers debt facilities. In FY18 it hit $2.8 million in revenue.

Best and worst performers of the day

The best performing sector was Utilities adding 1.4 per cent while the worst performing sector was Financials excluding REITs, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Saracen Mineral Holdings (ASX:SAR), rising 8.1 per cent to close at $2.00. Shares in St Barbara (ASX:SBM) and Northern Star Resources (ASX:NST) followed higher.

The worst performing stock in the S&P/ASX 200 was Bellamy’s Australia (ASX:BAL), dropping 4.9 per cent to close at $9.84. Shares in Fortescue Metals Group (ASX:FMG) and Pilbara Minerals (ASX:PLS) followed lower.

Asian markets

Lower. Japan’s Nikkei has lost 0.7 per cent, Hong Kong’s Hang Seng has lost 0.3 per cent and the Shanghai Composite is not trading.

Commodities and the dollar

Gold is trading at US$1,205 an ounce.
Iron ore price is steady at US$69.24.
Light crude is US$0.26 down at US$75.04 a barrel.
One Australian dollar is buying 71.80 US cents.

Cryptocurrencies

Bitcoin has fallen 1.7 per cent to US$6,484, Ethereum has fallen 4.6 per cent to US$220 and XRP has fallen 8.6 per cent to US$0.52, in the last 24 hours.