Splitit set to raise $30 million: Aus shares up 1.1% over week

Market Reports

by Katrina Bullock

The Australian share market finished 0.6 per cent higher today after hitting a new 11 year high early in the session. Despite this, the Australian dollar continued to slide following weaker than expected employment data released yesterday. The S&P/ASX 200 index closed 38 points higher today to finish at 6,365. As for the sectors, every sector except for Financials closed above the line today with Consumer Staples leading the charge.

Over the week, the market managed to recover from the sell off on Tuesday and has gained 70 points or 1.1 per cent. Every sector except for Financials made ground this week.

Futures market

Dow futures are suggesting a fall of 78 points.
S&P 500 futures are eyeing a dip of 10 points.
The Nasdaq futures are eyeing a fall of 33 points.
And the ASX200 futures are eyeing a 29 point rise on Monday morning.

Company news

Installment payment solutions provider Splitit (ASX:SPT) is set to raise $30 million via a fully committed placement to institutional, sophisticated, professional and experienced investors. It plans to supplement this with an additional $10 million share purchase plan. Splitit has received commitments to subscribe for 37,500,000 shares at an issue price of 80 cents per share. This follows the stronger than expected response Splitit received to its capital raising in January. The placement shares will rank equally with the company’s existing ordinary shares and the funds will be used to accelerate the company’s market penetration and product offering.Shares in Splitit (ASX:SPT) closed 3.7 per cent lower at 92 cents.

Biopharmaceutical company, Neuren Pharmaceuticals (ASX:NEU) announced earlier today that NNZ-2591 has demonstrated positive results in pre-clinical models of two additional neurodevelopmental disorders – Angelman syndrome and Pitt Hopkins syndrome. This follows the announcement in February 2019 of positive effects in the Shank3 model of Phelan-McDermid syndrome. Neuren anticipates that each of these indications meets the criteria for Orphan Drug designation. Neuren is now expediting the the manufacturing development, toxicity studies and Phase 1 clinical study that are required before commencing Phase 2 clinical studies with a view to commencing Phase 2 studies in the second half of 2020. Shares in Neuren Pharmaceuticals (ASX:NEU) closed 14.6 per cent higher at $1.18.

Mining contractors NRW Holdings (ASX:NWH) has been awarded the Koodaideri Rail Formation South Earthworks contract by Rio Tinto (ASX:RIO).

High grade gold producer Pantoro (ASX:PNR) has completed it fully underwritten $43 million share placement to fund the acquisition and joint venture of the Central Norseman Gold Project.

Genesis (ASX:GNE) and Tilt Renewables (ASX:TLT) have today finalised a 20-year electricity offtake agreement for the Waverley Wind Farm in South Taranaki.

Abacus Property Group (ASX:ABP) has appointed Myra Salkinder to success John Thame as chairperson, effective from 1 September 2019.

The shares of Virgin Australia Holdings (ASX:VAH) are trading lower following their announcement that earnings guidance for the 2019 financial year is expected to be at least $100 million lower than the 2018 financial year result.

Best and worst performers of the day

The best performing sector was Consumer Staples adding 1.8 per cent while the worst performing sector was Financials, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was NRW Holdings (ASX:NWH), rising 10.7 per cent to close at $2.91. Shares in Syrah Resources (ASX:SYR) and Fortescue Metals Group (ASX:FMG) followed higher.

The worst performing stock in the S&P/ASX 200 was St Barbara (ASX:SBM),dropping 9.5 per cent to close at $2.91. Shares in Australia and New Zealand Bank (ASX:ANZ) and Regis Resource (ASX:RRL) followed lower.

Asian markets

Mixed:Japan’s Nikkei has added 1 per cent, Hong Kong’s Hang Seng has lost 1.2 per cent and the Shanghai Composite has lost 2 per cent.

Wall Street

Wrapped up our four trading days this week lower: The Dow Jones lost 0.3 per cent, the S&P 500 lost 0.2 per cent and the tech heavy Nasdaq lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,287 an ounce.
Iron ore price rose 2.3 per cent to US$99.21.
Iron ore futures are pointing to a rise of 5.6 per cent.
Light crude is US 94 cents higher at US$63.32 a barrel.
One Australian dollar is buying 68.83 US cents.