Regaining ground:Aus shares close 0.4% higher

Market Reports

by Katrina Bullock

The Australian share market (ASX:XJO) extended its four-day run this morning, with the local bourse recouping its losses each day to regain some ground after it nosedived 2.8 per cent last Thursday.

We ended the session 0.4 per cent higher despite the likes of Corporate Travel Management (ASX:CTD) continuing to fall claiming a loss of 27 per cent. Infigen Energy (ASX:IFN) fell into the red falling 1 per cent after reporting its net revenue fell 9% in the first quarter of the 2019 financial year compared to the prior corresponding period on the back of production falling.

Most of the sectors closed with a profit with Energy rising 1.4 per cent while Telcos and Consumer Discretionary closed with a loss over 1 per cent.

At the closing bell the S&P/ASX 200 index closed 0.4 per cent higher or 25 points up at 5,830.

Futures market

Dow futures are suggesting a rise of 47 points.
S&P 500 futures are eyeing a rise of 9 points.
The Nasdaq futures are eyeing a lift of 40 points.
And the ASX200 futures are eyeing a 68 point rise tomorrow morning.

Economic news

The Consumer Price Index (CPI) Australia's key inflationary measure rose 0.4 per cent in the September quarter, in line with consensus. This comes after the 0.4 per cent lift in the June quarter. Year-on-year CPI rose 1.9 per cent.

Company news

nib holdings (ASX:NHF) upgraded its profit guidance to $190 million for FY19, up from $180 million. It comes on the back of a reduction in claims, tighter cost containment, the expansion of provider networks and price reductions in medical devices. Its shares closed 6.3 per cent higher at $5.54.

Shares in travel agency company, Corporate Travel Management (ASX:CTD) continued to plunge finishing with a loss of 27 per cent today after being short sold, falling the most out of the top 200 stocks. The company responded to a damming report from investment company, VGI Partners which identified 20 alleged issues with the business. Allegations ranged from clients cash balances being low to having poor revenue quality.

Australia and New Zealand Banking Group (ASX:ANZ) has reported a 5 per cent fall in its annual cash profit from continuing operations to $6.49 billion. Citi says ANZ’s FY18’s results were on par with investors’ expectations, with cash earnings from continuing operations coming in around 1 per cent higher than market expectations, leading Citi to upgrade its buy position in the stock with a price target of $30.50. ANZ shares finished 1.1 per cent higher.

The Commonwealth Bank (ASX:CBA) inked an deal to sell its Colonial First State Global Asset Management for $4.13 billion, selling the asset management business to Japanese trust Bank, Mitsubishi UFJ Trust and Banking Corporation (MUTB). Meantime Jason Yetton has been appointed CEO of CBA’s wealth management and mortgage broking businesses, NewCo. Andrew Morgan will become the Chief Financial Officer. CBA ended 1.6 per cent higher.

IPOs

Air, sea and customs clearance and logistics services business, Wiseway Group (ASX:WWG) started trading today. It floated with an issue price of $0.50, opened at $0.45 and it closed at $0.42.

Best and worst performers of the day

The best performing sector was S&P/ASX Energy adding 1.4 per cent while the worst performing sector was S&P/ASX Telco Services, shedding 1.1 per cent. 

The best performing stock in the S&P/ASX 200 was AMP (ASX:AMP), rising 6.9 per cent to close at $2.47. Shares in nib Holdings (ASX:NHF) and Lynas Corporation (ASX:LYC) followed higher.

The worst performing stock in the S&P/ASX 200 was Corporate Travel Management (ASX:CTD) dropping 27.45 per cent to close at $20.05. Shares in TPG Telecom (ASX:TPM) and Super Retail Group (ASX:SUL) followed lower. 

Asian markets

Japan’s Nikkei has added 1.8 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has risen 1.1 per cent.

Commodities and the dollar

Gold is trading at US$1,218 an ounce.
Iron ore price rose 0.3 per cent to US$76.71 and its futures are pointing to a fall of 0.9 per cent.
Light crude is US$0.69 lower at US$66.35 barrel.
One Australian dollar is buying 70.87 US cents.

Cryptocurrencies

Bitcoin has shed 0.2 per cent to US$6,333, Ethereum is pretty much flat at US$198 and EOS has fallen by 0.5 per cent to US$5.13 in the last 24 hours.