ResApp share price skyrockets: ASX closes 1 per cent higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to maintain momentum to gain 1 per cent. Infant food and milk producer Bubs Australia (ASX:BUB) was one of the risers throughout the day –it's standing at 95 cents – up nearly 10 per cent to a one year high. They announced the completion of its Australia Deloraine Dairy acquisition and the $31.44 million placement to C2 Capital Partners. Appen (ASX:APX) share price surged over 4 per cent higher. EML Payments (ASX:EML) share price has rose over 9 per cent after announcing an agreement with online betting giant bet365 in the United States. And ResApp Health (ASX:RAP) share price has rocketed 28 per cent up after the digital health company released positive top-line results from its Australian Breathe Easy adult clinical study. As for the sectors, Energy is up after Trump's move to stop all nations from buying Iranian oil.

At the closing bell the S&P/ASX 200 index closed 60 points higher to finish at 6319.

Futures market

Dow futures are suggesting a rise of 20 points.
S&P 500 futures are eyeing a rise of 1 point.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 59 point rise tomorrow

Company news

Retail business Kogan.com (ASX:KGN) has amended its multi-option facility agreement with Westpac Banking Corporation. The amendment sees an increase in the facility from $20.0 million to $30.0 million. This increase will provide Kogan.com with increased flexibility and opportunity for growth. Shares in Kogan.com (ASX:KGN) closed 9.5 per cent higher to $5.86.

Packaging company Amcor (ASX:AMC) and Bemis Company are in discussions with Staff of the Antitrust Division of the US Department of Justice to resolve antitrust concerns associated with the proposed combination of Amcor and Bemis. Amcor is in talks with Tekni-Plex for the sale of three Amcor plants for cash consideration of USD $215 million. The sale is still subject to approval, but once completed the Amcor-Bemis deal can proceed.

Automotive Holdings Group (ASX:AHG) has hired KPMG to prepare an independent expert's report on the value of the company as AP Eagers (ASX:APE) launches its take-over offer.They today dispatched their Bidder's Statement to AHG Shareholders in relation to its unsolicited and conditional takeover offer. Shareholders are reminded there is no need to take any action at this current time.

Best and worst performers 

The best performing sector was Energy adding 2.5 per cent while the sector with the fewest gains was Communication Services, gaining 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Eclipx (ASX:ECX), rising 6.6 per cent to close at $0.97. As mentioned earlier shares in Appen (ASX:APX) and Seven West Media (ASX:SWM) followed higher.

The worst performing stock in the S&P/ASX 200 was Galaxy Resources (ASX:GXY), dropping 4 per cent to close at $1.57. Shares in HUB24 (ASX:HUB) and Orocobre (ASX:ORE) followed lower.

Asian markets

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has gained 0.04 per cent.

Commodities and the dollar

Gold is trading at US$1,273 an ounce.
Iron ore price rose 2.6 per cent to US$94.48
Iron ore futures are pointing to a fall of 0.3 per cent.
Light crude is US$1.61 up at US$65.68 barrel.
One Australian dollar is buying 71.19 US cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.