Platinum Asset Management falls 4.1%: ASX close 0.7% higher

Market Reports

by Ana Neves

It has been a positive day of trade for the Australian share market.

After opening in the black, the local bourse maintained momentum tracking sideways before closing 0.7 per cent higher.

As for the sectors, Materials, Energy, Healthcare and Consumer Discretionary finished with a profit of over 1 per cent.

Meantime Financials saw the most selling today, falling 0.3 per cent with Platinum Asset Management shares (ASX:PTM) falling 4.1 per cent.

The S&P/ASX200 index

At the closing bell, the S&P/ASX 200 index closed 0.7 higher or 40 points up to finish at 6,221.

Futures market

Dow futures are suggesting a fall of 64 points.
S&P 500 futures are eyeing a dip of 5 points.
The Nasdaq futures are eyeing a fall of 13 points.
The ASX200 futures are eyeing a 41 point rise tomorrow morning

Company news

Platinum Asset Management (ASX:PTM) shares have seen some selling today after the company announced it had net outflows of $230 million in March. Platinum’s funds under management meantime slightly grew from $25.72 billion to $25.76 billion. Shares in Platinum Asset Management (ASX:PTM) closed 4.1 per cent lower at $4.71.

Gold miner, Resolute Mining (ASX:RSQ) has announced a 33 per cent rise in gold production in the March Quarter, compared to the December Quarter.

Sims Metals Management (ASX:SGM) has announced it will ‘likely see its dividend payout ratio fall’, while paying fully franked dividends. It’s also restricting its balance sheet and targeting $100 million average net cash. Meantime, the company says it’s five business units are positioned well to benefit from the global megatrend of reducing waste and preserving the planet.

A strategic alliance project with Ausquest (ASX:AOD) and BHP'S (ASX:BHP) spin-off company South32 (ASX:S32) has kicked off copper drilling at Yallum Hill in Western Australia. The prospect is 350 kilometers north-east of Wiluna and is part of a regional program to assess copper-gold deposits.

Best and worst performers of the day

The best performing sector was Materials, adding 1.6 per cent, while the worst performing sector was Financials, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), rising 7.7 per cent to close at $1.26. Shares in Breville Group (ASX:BRG) and Saracen Minerals (ASX:SAR) followed higher.

The worst performing stock in the S&P/ASX 200 was Domain Holdings Australia (ASX:DHG), dropping 7.2 per cent to close at $2.83. Shares in Platinum Asset Management (ASX:PTM) and Bellamy's Australia (ASX:BAL) followed lower.

Asian markets

Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite lost 0.9 per cent.

Commodities and the dollar

Gold is trading at US $1,296 an ounce.
Iron ore price is steady at US $92.90.
Iron ore futures are pointing to a rise of 3.4 per cent.
Light crude is US$0.98 up at US $63.08 per barrel
One Australian dollar is buying 70.94 US cents.

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