Star Entertainment (ASX:SGR) shares rise on multi-million dollar Gold Coast plans: ASX closed 0.3% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to gain maintain momentum to close 0.3 per cent higher. Star Entertainment Group (ASX:SGR) shares did well today after proposals to the Queensland Government for big plans on the Gold Coast. It was good news for JB Hi-Fi (ASX:JBH) their shares shot up on their quarterly report showing good momentum for sales despite being down on last year. Shares in Wisetech Global (ASX:WTC) saw a decline as did Nearmap (ASX:NEA). As for the sectors, Energy is leading the way and Infotech is falling behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 21 points up to finish at 6,694.

Futures market

Dow futures are suggesting a fall of 10 points.
S&P 500 futures are eyeing a dip of 2 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 0.3 per cent rise for tomorrow morning.

Company news

The Star Entertainment Group (ASX:SGR) has provided the Queensland Government a multi-million dollar investment proposal that creates substantial tourism drivers for the Gold Coast. There are three elements to The Star’s proposal - The Star Gold Coast Masterplan, and upgrades and expansions to the Gold Coast Convention and Exhibition Centre and The Sheraton Grand Mirage. Shares in The Star Entertainment Group (ASX:SGR) closed 5.4 per cent up at $4.70

Alkane Resources (ASX:ALK) is pleased to advise it’s Managing Director, Nic Earner, has been appointed to the Board of Genesis Minerals (ASX:GMD) as non executive director effective today. Alkane say the investment in Genesis remains consistent with their strategic objective to grow its gold business, both organically through its Tomingley gold operations in NSW. Shares in Alkane Resources (ASX:ALK) last traded at $0.72.

Qantas (AXS:QAN) report a fall of 0.9 per cent in domestic revenue through the September quarter due to mixed market conditions. Protests in Hong Kong will negatively impact the Group’s first half profit performance by $25 million.

NRW Holdings (ASX:NWH) subsidiary RCR Mining Technologies (RCRMT) has been awarded a design and construct equipment package by Fortescue Metals Group (ASX:FMG) for its Cloudbreak mine.

SkyCity Entertainment Group (ASX:SKC) has reopened some parts of the SkyCity Auckland precinct after a fire at the New Zealand Convention Centre in Auckland. Normal business operations will resume in a phased approach.

Best and worst performers

The best performing sector was Energy adding 1.5 per cent while the worst performing sector was Infotech, shedding 1.2 per cent.

The best performing stock in the S&P/ASX 200 was JB Hi Fi (ASX:JBH), rising 6.8 per cent to close at $36.45. Shares in The Star Entertainment Group (ASX:SGR) and Webjet (ASX:WEB) followed higher.

The worst performing stock in the S&P/ASX 200 was Wisetech Global (ASX:WTC), dropping 6.8 per cent to close at $26.58. Shares in Nearmap (ASX:NEA) and Bravura Solutions (ASX:BVS) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,493 an ounce.
Iron ore price rose 0.6 per cent to US$87.18
Iron ore futures are pointing to a rise of 0.8 per cent.
Light crude is US$0.09 up at US$55.88 a barrel.
One Australian dollar is buying 68.42 US cents.