Cup Day: Aus shares close 0.2% higher

Market Reports

by Clive Tompkins

It has been a positive day of trade for the Australian share market. After a small dip around lunchtime, the local bourse managed to close 0.2 per cent higher. The best-performing sectors were Energy, Health Care and Consumer Discretionary, with Communications, Staples and A-REITs the weakest.

At the closing bell, the S&P/ASX 200 index closed 10 points higher to finish at 6,697.

Futures

The Dow futures are pointing to a rise of 55 points.
S&P 500 futures are eyeing a rise of 6 points.
The Nasdaq futures are eyeing a lift of 23 points.
And the ASX200 futures are eyeing a 22 point rise tomorrow morning.

Economic news

As widely expected, the RBA at its meeting today, decided to leave the cash rate unchanged at 0.75 per cent.

Company news

In a very light day for news Westpac (ASX:WBC) has successfully completed a $2 billion institutional placement at $25.32 per share. The capital raise will provide Westpac balance sheet strength and additional capital to support customer growth.

And Automotive retail group AP Eagers (ASX:APE) has sold its freehold properties in the Newcastle and Hunter Valley region to the Tony White Group for $52.9 million. The sale will generate a profit before tax of approximately $13.4 million.

Best and worst performers

The best-performing sector was Energy adding 0.9 per cent, while the worst-performing sector was Telcos, shedding 0.4 per cent.

The best-performing stock in the S&P/ASX 200 was Magellan Financial Group (ASX:MFG), rising 3.8 per cent to close at $49.91. Shares in Janus Henderson (ASX:JHG) and Pendal Group (ASX:PDL) followed higher.

The worst-performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), dropping 7.9 per cent to close at $0.35. Shares in Speedcast International (ASX:SDA) and Galaxy Resources (ASX:GXY) followed lower.

Asian markets

Japan’s Nikkei has added 2 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has added 0.7 per cent.

Commodities and the dollar

Gold is trading at US$1,506 an ounce.
The iron ore price is 2.7 per cent lower at at US$83.27.
The iron ore futures are pointing to a rise of 0.7 per cent.
Light crude is US$0.02 down at US$56.52 a barrel.
One Australian dollar is buying 69.03 US cents.