The Aussie share market made a good start to 2020 financial year, rising 0.4 per cent today. The market traded in a 45-point range throughout the session, ending shy of its intra-day high ( 6,664)
Most of the sectors on thclosed higher today with the Property and Energy sectors rising over 1 per cent, while the tech sector charged up the most, over 2 per cent.
Small gains were seen in the big four banks, while CBA (ASX:CBA) fell for the second session after the new Banking Code of Practice came into effect today. Banks are to scrap unsolicited credit card limit increases, commissions on Lenders Mortgage Insurance and are not able to sell insurance with credit cards and personal loans at point of sale.
At the closing bell the S&P/ASX 200 index closed 29 points higher to finish at 6,648.
From the outset we had positive leads as the S&P 500 notched its best first half in two decades, rising 17 per cent, and the Dow Jones had its biggest monthly gain since 1938.
Dow futures are suggesting a rise of 262 points.
S&P 500 futures are eyeing a rise of 32 points.
The Nasdaq futures are eyeing a lift of 125 points.
And the ASX200 futures are eyeing a 38 point rise.
Link Administration Holdings (ASX:LNK) has now received all regulatory approvals for the £240-million sale of its Corporate and Private Clients (CPC) business. The sale completed in London to global fund manager, Apex on 28 June 2019 as expected. Shares in Link Administration Holdings (ASX:LNK) closed 5.2 per cent higher at $5.26.
Rio Tinto (ASX:RIO) has appointed Barbara Levi to succeed Philip Richards as group executive, group general counsel. Citi has maintained its buy in Rio Tinto (ASX:RIO) with a 12-month target of $114. Citi says in light of Rio Tinto’s (ASX:RIO) recent copper-gold discovery in Western Australia after drilling down into Winu, in the next six to-12 months Rio will view this as a greenfield project of Rio-scale.
Ingenia Communities (ASX:INA) is set to add 10 communities to its portfolio via a funds management purchase. Ingenia inked a deal to buy funds management business, Eighth Gate Capital with its $140 million in asset under management. Ingenia will settle 336 new homes in FY19 and also confirmed its results will be at the upper end of its guidance range.
Buy-now pay-later service Splitit (ASX:SPT) has signed Kogan (ASX:KGN) as its first major Australian retail partner.
Best and worst performers of the day
The best performing sector was S&P/ASX Info Tech adding 2.4 per cent while the worst performing sector was S&P/ASX Consumer Discretionary, shedding 0.4 per cent.
The best performing stock in the S&P/ASX 200 was Galaxy Resources Limited (ASX:GXY), rising 7.4 per cent to close at $1.31. Shares in Link Administration Holdings Limited (ASX:LNK) and Wisetech Global Limited (ASX:WTC) followed higher.
The worst performing stock in the S&P/ASX 200 was Resolute Mining Limited (ASX:RSG), dropping 4.9 per cent to close at $1.27. Shares in Northern Star Resources Ltd (ASX:EHL) and Emeco Holdings Limited (ASX:EHL) followed lower.
Japan’s Nikkei has added 2.1 per cent, Hong Kong’s Hang Seng is not trading and the Shanghai Composite has added 2.1 per cent.
Commodities and the dollar
Gold is trading at US$1,387 an ounce.
Iron ore price rose 0.4 per cent to US$118.47
Iron ore futures are pointing to a rise of 4.1 per cent.
Light crude is US$0.96 lower at US$58.47 a barrel.
One Australian dollar is buying 69.94 US cents.