Upward trend continues, property rallies: Aus shares close 0.4% higher

Market Reports

by Jessica Amir

The Australian share market has extended its rally from yesterday and rose 0.4 per cent today. If you were to look at the XJO chart, the local bourse has been on an uptrend for the nine days, taking the market back to where it was three weeks ago.

Most of the sectors charged forth today, with the small tech sector rising the most and the Property sector, leading the majors higher with the likes of Ingenia Communities Group (ASX:INA) rising 3.5 per cent with the company saying its guidance in home settlements for FY19 remains unchanged, and it expects further growth in FY20, despite the company having the NSW Land and Environment Court ruling against its appeal on a proposed development in Vineyard.

At the closing bell the S&P/ASX 200 index closed 22 points higher at 5,897.

Futures market

Dow futures are suggesting a rise of 113 points.
S&P 500 futures are eyeing a rise of 7 points.
The Nasdaq futures are eyeing rise of 30 points.
And the ASX200 futures are eyeing a 40 point rise tomorrow morning.

Company news

Syrah Resources (ASX:SYR) has inked a binding sales agreement with Chinese solar power and battery material company, Quingdao Taida New Energy Technology, with Syrah to supply 20 kilotonnes (kt) of natural graphite by 31 August 2019. Shares in Syrah Resources (ASX:SYR) shot 8.7 per cent higher to $1.94

Engineering company, WorleyParsons (ASX:WOR) rose 10.5 per cent after it was awarded new contracts, one in the central and southern North Sea and the other for work on the Norwegian Continental Shelf. The Norwegian contract work starts immediately and will go for 2.5 years. At the same time, WorleyParsons also advised today, that its retail capital raising, as well as its institutional raise will total $2.9 billion, with the retail component being open to applications by Friday 9 November.

The Commonwealth Bank (ASX:CBA) reported unaudited net profit after tax of $2.5 billion in the September quarter, with UBS saying the result was 3 per cent above expectations. Operating income meantime rose 1 per cent compared to its second half 2018 quarterly average. UBS maintained its neutral rating for the company with a 12-month price target of $72.00. Its shares gained 0.6 per cnet today.

Owner and operator of Westfield Australia and New Zealand, Scentre Group (ASX:SCG) says it’s poised for growth after completing $1.1 billion of developments. Its occupancy across its shopping centre portfolio is over 99.5 per cent, while total speciality in-store sales have increased by 2 per cent for the year. Its shares gained 1.5 per cent.

IPOs

Moho Resources (ASX:MOH) started trading today. The mining exploration company floated with an issue price of $0.20, opened at $0.16 and it closed at $0.17

Best and worst performers of the day

The best performing sector was Reits adding 0.9 per cent while the worst performing sector was Utilities, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Infigen Energy (ASX:IFN), rising 11.8 per cent to close at $0.57. Shares in WorleyParsons (ASX:WOR) and Syrah Resources Limited (ASX:SYR) followed higher.

The worst performing stock in the S&P/ASX 200 was Webjet Limited (ASX:WEB), dropping 6.6 per cent to close at $11.93 after completing a $92 million capital raise via institutional entitlement offer. Shares in Sigma Healthcare Limited (ASX:SIG) and CYBG Plc (ASX:CYB) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has added 0.9 per cent and the Shanghai Composite has gained 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,229 an ounce.
Iron ore price is steady at US$75.74. Its futures are pointing to a fall of 0.9 per cent.
Light crude is US$1.33 lower at US$61.77 barrel.
One Australian dollar is buying 72.60 US cents.

Cryptocurrencies

Bitcoin has gained 1.7 per cent to US$6,532, Ethereum has gained 4.7 per cent to US$219 and XRP has gained about 3.4 per cent to US$0.53 in the last 24 hours.