Iron ore price surges: ASX closes 0.2% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After a dip in early trade the ASX went on to close 0.2 per cent higher. Afterpay's (ASX:APT) shares continue to take a dip after reporting their compliance with anti-money laundering laws under AUSTRAC scrutiny earlier this week. AMP (ASX:AMP) also saw their shares drop today after responding to APRA's compliance orders on AMP super. Nanosonics (ASX:NAN) shares rose price despite there being no news out of the medical device company. And the Volpara Health Technologies (ASX:VHT) share price has risen almost after announcing the completion of its acquisition of MRS Systems. The price of iron ore surged through $US110 a tonne. But the dollar stayed at around 68 US cents.

As for the sectors, Materials are leading the charge and Financials are bottom of the pile.

At the closing bell the S&P/ASX 200 index closed 11 points higher to finish at 6,553. Over the week, the market has gained 110 points or 1.7 per cent.

Futures market

Dow futures are suggesting a rise of 28 points.
S&P 500 futures are eyeing a rise of 1 poins.
The Nasdaq futures are eyeing a fallof 16 points.
And the ASX200 futures are eyeing an11 point rise Monday morning.

Company news

Distributor of information technology products Dicker Data (ASX:DDR) reports today that advises that Non-Executive Director Fiona Brown, has appointed Christopher Aleksov as an Alternate Director effective today. The appointment will continue until Ms Brown terminates the appointment or until the appointment is terminated in accordance with Dicker Data’s constitution. Shares in Dicker Data(ASX:DDR) closed 2.1 per cent lower at $5.62.

Fortescue Metals (ASX:FMG) and Tasman Resources’ (ASX:TAS) signed a JV for iron-oxide-copper-gold assets in South Australia, near BHP’s renowned Olympic Dam operation and Oak Dam West discovery. Tasman Resources currently holds three Exploration Licences on the Olympic Province of the Stuart Shelf.

Collins Foods (ASX:CKF) is pleased to announce the transition of Newman Manion to the role of Executive Director of the Company. He started with Yum! in 1982.

Fractional property ownership company DomaCom (ASX:DCL) has completed a capital raise, to expand its property platform. The company carried out the cap raise with Ord Minnett, to raise $1.5 million.

IPO

Tubi (ASX:2BE) started trading today. They are a mobile manufacturer of High Density Polyethylene pipe for the use in the oil, gas, irrigation, water, mining and infrastructure sectors. They floated with an issue price of $0.20, opened at $0.28 and closed at $0.29.5.

Best and worst performers of the day

The best performing sector was Materials, adding2.1 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 Nanosonics (ASX:NAN), rising 6.7 per cent to close at $4.93. Shares in Ausdrill (ASX:ASL) and Northern Star Resources (ASX:NST) followed higher.

The worst performing stock in the S&P/ASX 200 was Challenger (ASX:CGF),dropping 6.5 per cent to close at $6.50. Shares in Ardent Leisure Group (ASX:ALG) and AMP (ASX:AMP) followed lower.

Asian markets

Mixed:Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has lost 0.6 per cent and the Shanghai Composite has lost 0.6 per cent.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 0.5 per cent, The S&P 500 added 0.6 per cent and the tech heavy Nasdaq gained 1.2 per cent.

Commodities and the dollar

Gold is trading at US$1,348 an ounce.
Iron ore price rose 3.3 per cent to US$110.16.
Iron ore futures are pointing to a riseof 2.8 per cent.
Light crude is US$1.13 up at US$52.48 a barrel.
One Australian dollar is buying 68.97 US cents.