Tech gains boost market: ASX ends 1.3% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market closing on a high after a drop at the open. Afterpay Touch Group (ASX:APT) saw a rise today ending 9 per cent higher after a low start. Beach Energy (ASX:BPT) shot up rising over 10 per cent. Technology stocks saw gains. Today's declines were James Hardie (ASX:JHX) and Newcrest Mining (ASX:NCM). At the closing bell the S&P/ASX 200 index closed 77 points higher, or 1.3 per cent lower to finish at 5,805.

Futures market

Dow futures are suggesting a rise of 157 points.
S&P 500 futures are eyeing arise of 19 points.
The Nasdaq futures are eyeing lift of 53 points.
And the ASX200 futures are eyeing a 77 point rise tomorrow

The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP),and Westpac (ASX:WBC).

Economic news

Building approvals rose 3.3 per cent in September, beating consensus expectations of a 3 per cent rise (seasonally adjusted terms). The growth comes on the back of a 9.2 per cent lift in private dwellings, excluding houses, while private home approvals fell 2.7 per cent (seasonally adjusted terms).

Company news

Vango Mining (ASX:VAN) today declared its offer for shares in Dampier Gold (ASX:DAU) are free from all remaining conditions set out back on the 15th October this year. Vango is Dampier’s joint venture partner in a West Australian gold mine called “K2”. Vango’s main focus is its “Plutonic Dome” gold project. The offer closes at 7 pm Sydney time on 16 November 2018. Shares in Vango Mining (ASX:VAN) are flat at 18 cents.

Private healthcare group Healthscope (ASX:HSO) has announced the opening of its Northern Beaches Hospital today as planned. Patients will transfer from Manly Hospital. Mona Vale Hospital patients will transfer tomorrow.Shares in the company surged almost 20 per cent last week on news a private equity consortium had returned with a renewed takeover proposal.

Wastewater treatment company, Fluence Corporation (ASX:FLC) has successfully raised $33.1 million via its share purchase plan.The funds raised will go towards business growth in China sales as well as general working capital for the business.

And CIMIC Group (ASX:CIM) company, CPB contractors has been selected by the Australian and NSW governments to deliver the next stage of the Northern Road upgrade project.The construct-only contract with Roads and maritime Services is part of the $1.6 billion Northern Road upgrade project and will generate around $170 million in revenue for CPB Contractors.

Best and worst performers

The best performing sector was healthcare adding 1.9 per cent while the worst performing sector was Utilities shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Beach Energy (ASX:BPT), rising 10.3 per cent to close at $1.76. Shares in Afterpay Touch Group (ASX:APT) and Emeco Holdings (ASX:EHL) followed higher.

The worst performing stock in the S&P/ASX 200 was James Hardie (ASX:JHX),dropping 3 per cent to close at $18.34. Shares in Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST) followed lower.

Asian markets

Japan’s Nikkei has added 1.8 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has gained 1.3 per cent.

Commodities and the dollar

Gold is trading at US$1,228 an ounce.
Iron ore price didn’t move at US$76.48.
Light crude is US$0.90 lower at US$66.69 a barrel.
One Australian dollar is buying 70.93 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading lower: Bitcoin has fallen 1.9 per cent to US$6356, Ethereum has fallen 3.3 per cent to US$198 and EOS has fallen 4.3 per cent to US$5.16, in the last 24 hours.