Oil prices surge: ASX closed 0.3% higher

Market Reports

by Rachael Jones

The Australian share market fell at the open following soft leads from Wall Street managing to drag itself up throughout the day and closed 0.3 per cent higher. Ramsay Healthcare (ASX:RHC) lost investors today after reports the Paul Ramsay foundation selling $1.36bn stake. More on this later. Clinuvel Pharmaceuticals (ASX:CUV), shares rose as did the the Vocus Group (ASX:VOC). As for the sectors, utilities are leading the way at materials falling behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 22 points higher to finish at 6,695.

Futures market

Dow futures are suggesting a fall of 32 points.
S&P 500 futures are eyeing a dip of 5 points.
The Nasdaq futures are eyeing a fall of 22 points.
And the ASX200 futures are eyeing a 0.3 per cent rise tomorrow.

Economic news

Residential property prices fell 0.7 per cent in the June quarter 2019, according to figures released today by the Australian Bureau of Statistics (ABS). The falls were led by the Melbourne (-0.8 per cent) and Sydney (-0.5 per cent) property markets. All capital cities apart from Hobart (+0.5 per cent) and Canberra (+0.2 per cent) recorded falls. Through the year, residential property prices fell 7.4 per cent in the June quarter 2019.

Company news

Advance Nanotek (ASX:ANO) has received a Therapeutic Goods Administration for its new manufacturing facility in Brisbane. Additional capacity will be utilised to meet future US and Australian orders and add to the reserve stock already held for European markets. Advance NanoTeks' products include a transparent zinc oxide-based UV absorber for use in the suncare and an aluminium oxide pigment. Shares in Advance Nanotek (ASX:ANO) last traded at $4.80.

Ramsay Health Care's (ASX:RHC) share price is down over 5 per cent after the company today revealed that the Paul Ramsay Foundation is reducing its stake in the private hospital operator. According to the release, the foundation has entered into a block trade agreement with two financial institutions to sell 22 million ordinary shares at $61.80 per share.

New Hope Group (ASX:NHC) has posted FY19 net profit before non regular items of 268 million (up 3 per cent on PCP). The company says the result it the best in its history. The result comes on the back of an increased share of coal sales from the Bengalla Joint Venture.

Aurizon (ASX:AZJ) has started proceedings regarding the sale of the Australian assets of Genesee & Wyoming. They today applied to the Supreme Court of New South Wales seeking damages and declarations that Genesee & Wyoming, breached long-standing contractual rights held by Aurizon concerning G&W’s Australian assets.

Best and worst performers 

The best performing sector was Utilities adding 1.3 per cent while the worst performing sector was Materials, shedding 1 per cent.

The best performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), rising 4.9 per cent to close at $24.96. Shares in Vocus Group (ASX:VOC) and Charter Hall Group (ASX:CHC) followed.

The wrost performing stock in the S&P/ASX 200 was Inghams Group (ASX:ING), dropping 4.9 per cent to close at $3.14. Shares in Ramsay Healthcare (ASX:RHC) and The A2 Milk Company (ASX:A2M) followed higher.

Asian markets

Japan’s Nikkei has lost 0.03 per cent, Hong Kong’s Hang Seng has lost 1.4 per cent and the Shanghai Composite has lost 1.6 per cent.

Commodities and the dollar

Gold is trading at US$1,496 an ounce.
Iron ore price fell 0.9 per cent to US$98.45
Iron ore futures are pointing to a fall of 2.4 per cent.
Light crude is US$6.89 up at US$61.69 a barrel.
One Australian dollar is buying 68.35US cents.