The market closed 0.2 per cent higher this afternoon. We saw a spike very early in the session. The market tracked sideways for most of the day and eased off over the afternoon. As for the sectors, Materials made the most gains with strong performances from underlying stocks, like Newcrest Mining (ASX:NCM)
pushing the sector higher. This comes as hundreds of thousands of students around the country engaged in the school strike for climate today.Broker moves
Goldman Sachs has upgraded Redbubble (ASX:RBL)
from a neutral to a buy, with a 12-month price target of $1.65. This follows strong uptake of 3 new Redbubble products, and an 18 per cent rise in the overall number of products offered by the company since Q4 of last year. Shares in Redbubble (ASX:RBL)
closed 8.3 per cent higher at $1.44.The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 13 points higher to finish at 6,731.
Over the week, the market has gained 62 points or 0.9 per cent.Futures market
Dow futures are suggesting a rise of 7 points.
S&P 500 futures are eyeing a rise of 1 point.
The Nasdaq futures are eyeing a lift of 11 points.
And the ASX200 futures are eyeing a 10 point rise on Monday morning.Company news
Gold producer, Troy Resources (ASX:TRY)
has downgraded its production guidance for the company’s wholly owned Karouni Gold Project. The company previously advised that gold production guidance for the six months from July to December 2019 was estimated to be in the range of 26,000 to 28,000 ounces. Gold production for the months of July and August this year were considerably less than the company anticipated. The company has amended the bottom range of guidance to 24,000 ounces – that’s a reduction of 2,000 ounces. Shares in Troy Resources (ASX:TRY)
closed 4.6 per cent lower at 10 cents.
Fonterra Co-operative Group (ASX:FSF)
has announced that independent director Simon Israel will be stepping down from the board. He will continue in his roles as Chairman of Singapore Telecommunications and Chairman of Singapore Post. The company will now be focused on succession planning, as they lose his 39 years of business experience and are set to lose the board’s chairman, John Monaghan at the 2020 Annual Meeting when his term expires. The company notes that its succession plan will be focused on professional development, diversity and maintaining a level of connection back to the farm. Shares in Fonterra Co-operative Group (ASX:FSF)
closed flat at $2.94.
Bardoc Gold (ASX:BDC)
is conducting a capital raising of up to $15 million to finance its exploration, development and growth strategy around its flagship Bardoc Gold Project.
IOOF Holdings (ASX:IFL)
has successfully fended off the proceedings brought by the Australian Prudential Regulation Authority (APRA) against two of its entities.
Gold producer, Beacon Minerals (ASX:BCN)
has sold its first gold bullion from the Jaurdi Gold Project.
Sydney Airport (ASX:SYD)
has released airport traffic figures for August 2019. The number of international passengers has bounced back this month – up 2 per cent on August 2018, and 1.4 per cent year to date.Best and worst performers of the day
The best performing sector was Consumer Discretionary adding 0.5 per cent while the worst performing sector was Utilities, shedding 0.5 per cent.
The best performing stock in the S&P/ASX 200 was IOOF Holdings (ASX:IFL)
, rising 7.9 per cent to close at $5.99. Shares in CYBG PLC (ASX:CYB)
and Resolute Mining (ASX:RSG)
The worst performing stock in the S&P/ASX 200 was Sigma (ASX:SIG)
, dropping 4.5 per cent to close at 64 cents. Shares in Washington H Soul Pattinson and Company (ASX:SOL)
and New Hope Corporation (ASX:NHC)
followed lower.Asian markets
Mixed: Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.03 per cent and the Shanghai Composite has gained 0.1 per cent.Wall Street
Wrapped up our four trading days this week mixed:The Dow Jones lost 0.5 per cent, The S&P 500 lost 0.02 per cent and the tech heavy Nasdaq gained 0.1 per cent.Commodities and the dollar
Gold is trading at US$1,506 an ounce.
Iron ore futures are pointing to a fall of 2.2 per cent.
Light crude is US$0.60 up at US$58.64 a barrel.
One Australian dollar is buying 68.06 US cents.