Week ends on a mildly positive note: ASX closes 0.2% higher

Market Reports

by Rachael Jones

The ASX ended the week slightly higher after heavy losses yesterday. Resolute mining (ASX:RSG) and Afterpay touch (ASX:APT) are on the up. Media companies struggled though with Fairfax (ASX:FXJ) and Nine Entertainment (ASX:NEC) seeing over 10 per cent drops. Leading the advance is CSL (ASX:CSL), up 1.9 per cent. BHP (ASX:BHP) is up over 1 per cent. At the closing bell the S&P/ASX 200 index closed 12 points higher, or 0.2 per cent higher, to finish at 5896. Over the week, it closed 4.9 per cent lower.

Futures market

Dow futures are eyeing a rise of 264 points.
S&P 500 futures are eyeing a rise of 28 points.
The Nasdaq futures are eyeing a rise of 92 points.
And the ASX200 futures are eyeing a 42 point rise Monday morning.

Economic news

Home loans fell 2.1 per cent in August, much further than the market expected it to fall (0.9 per cent). Meantime, investment property lending fell 1.1 per cent month-on-month to August.

Company news

Copper producer Sandfire Resources NL (ASX:SFR) has today completed the acquisition of the 30 per cent in interest in the Springfield Exploration and Mining Joint Ventures held by Talisman Mining (ASX:TLM). This gives Sandfire 100 per cent ownership of the Springfield Project including the high-grade Monty Copper-Gold Mine. Following this approval, Sandfire has completed the acquisition of Talisman’s subsidiary, Talisman A for the purchase price of $72.3 million in cash on a debt-free and cash-free basis. Shares in Sandfire Resources (ASX:SFR) closed 2.3 per cent higher at $7.01.

Data centre operator NEXTDC (ASX:NXT), now has a relevant interest in 97 per cent of the stapled securities of Asia Pacific Data Centre Group (ASX:AJD). Under the terms of the company’s on market takeover bid announced to the market on 8 October 2018, NEXTDC will pay AJD securityholders cash consideration of $2.00 per security.

Camping and adventure store Kathmandu (ASX:KMD) released their annual report today for 2018 showing NPAT is up 32.9 per cent to $50.5m from $38.0m at the same corresponding period. Sales growth was supported by, among other things, improved promotion and their digital content.

IPOs

Tribeca Global Natural Resources (ASX:TGF) started trading today. It issued at $2.50, opened at $2.51 and closed at $2.52.

Best and worst performers 

The best-performing sector was Materials, adding 1.7 per cent, while the worst-performing sector was Telco Services, shedding 1.6 per cent.

The best performing stock in the S&P/ASX 200 was Lynas Corporation (ASX:LYC), rising 9.2 per cent to close at $1.78. Shares in Resolute Mining (ASX:RSG) and Regis Resources (ASX:RRL) followed higher.

The worst performing stock in the S&P/ASX 200 was Fairfax Media (ASX:FXJ), dropping 13.6 per cent to close at $0.67. Shares in Domain Holdings Australia (ASX:DHG) and Nine Entertainment Co Holdings (ASX:NEC) followed lower.

Asian markets

Mixed. Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has gained 1.7 per cent and the Shanghai Composite has gained 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,220 an ounce.
The iron ore price is 0.2 per cent higher at US$71.30.
Iron ore futures are 0.4 per cent higher.
Light crude is US$2.18 lower at US$70.85 a barrel.
One Australian dollar is buying 71.25 US cents.

Cryptocurrencies

Bitcoin has fallen 0.2 per cent to US$6,290, Ethereum has fallen 0.7 per cent to US$192 and XRP has lost 5.9 per cent to US$0.40, in the last 24 hours.