Shares in AGL drop, Utilities down: ASX closed 0.8% higher

Market Reports

by Rachael Jones

After a dip at the open the Australian share market rose throughout the day closing 0.8 per cent higher. Galaxy Resources (ASX:GXY) is trading over 10 per cent higher. Western Areas (ASX:WSA) is up 7.2 per as is Pilbara Minerals (ASX:PLS) Insurance Australia Group (ASX:IAG) dropped 5 per cent after releasing their full year results today showed their net profit is up 16.6 per cent to $1.07 billion. In terms of the sectors, utilities are down, AGL Energy (ASX:AGL) dropped almost 6 per cent after announcing net profit for the year fell 42.8 per cent to $905 million. Meanwhile Infratil (ASX:IFT) says they plan sell Perth Energy to them.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 49 points higher to finish at 6,568.

Futures market

Dow futures are suggesting a rise of 81 points.
S&P 500 futures are eyeing a rise of 10 points.
The Nasdaq futures are eyeing a lift of 38 points.
And the ASX200 futures are eyeing a 0.6 per cent rise tomorrow.

Company news

PolyNovo (ASX:PNV) has now registered NovoSorb BTM with the Health Sciences Authority of Singapore. PolyNovo will be displayed at the Asian Burns Conference Singapore next week where they can meet with key surgeons and distributors across the region. NovoSorb is a range of bio-resorbable polymers that can be produced in many formats including, film, fibre, foam, and coatings. Shares in PolyNovo (ASX:PNV) closed 8.8 per cent higher at $1:60.

Rural Funds (ASX:RFF) released a statement overnight and held a Webinar this morning with the MD David Bryant rebutting allegations raised in the short seller Bonitas report. Their shares on the back of the report, which alleged the value of the business was zero. However, today the MD said Bonitas’ allegations were wrong and they rejected each of the claims made in the report.

AGL Energy (ASX:AGL) beat expectations for full-year profits, reporting earnings of $1.04 billion, up 2.2 per cent from the previous year. Meanwhile, Infratil (ASX:IFT) announced the conditional sale of Perth Energy to AGL.

iSignthis (ASX:ISX) has entered into an Australian Principal Member licensing agreement with the Asia Pacific subsidiary of Visa . Visa has more than 3.3 billion cards worldwide across 200 countries and territories.

Best and worst performers 

The best performing sector was Telcos adding 1.8 per cent while the worst performing sector was Utilities, shedding 1.6 per cent.

The best performing stock in the S&P/ASX 200 was Galaxy Resources (ASX:GXY), rising 10.9 per cent to close at $1.27. Shares in and Pilbara Minerals (ASX:PLS) and Western Areas (ASX:WSA) followed higher.

The worst performing stock in the S&P/ASX 200 was Insurance Australia Group (ASX:IAG), dropping 5 per cent to close at $7.68. Shares in AGL Energy (ASX:AGL) and The A2 Milk conmpany (ASX:A2M) followed lower.

Asian markets

Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite hasgained 0.9 per cent.

Commodities and the dollar

Gold is trading at US$1,503 an ounce.
Iron ore price fell 4.3 per cent to US$ 93.31
Iron ore futures are pointing to a fall of 1.9 per cent.
Light crude is US$1.32 lower at US$52.31a barrel.
One Australian dollar is buying 67.75 US cents.