Healthcare sector leads the day: ASX closes 0.7% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market the local bourse managed to close 0.7 per cent higher. Shares in Fortescue Metals (ASX:FMG) took a dip today. Mining Services provider Perenti Global (ASX:PRN) shares continue to fall as operations at the Boungou mine in Burkina Faso remain suspended after an attack killing 19 workers and injuring 26. Speedcast (ASX:SDA) shares and Domain (ASX:DHG) shares meanwhile are on the up. As for the sectors today Healthcare led the day and Materials fell lower – the only sector in the red.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 48 points higher to finish at 6,773.

Futures market

Dow futures are suggesting a fall of 74 points.
S&P 500 futures are eyeing a fall of 9 points.
The Nasdaq futures are eyeing a dip of 24 points.
And the ASX200 futures are eyeing a 57 point rise tomorrow morning.

Citi has upgraded Afterpay Touch (ASX:APT) to a Buy from Neutral, with a 12-month price target of $31.10. Their conclusion is that the Buy Now Pay later provider had a solid October in the USA. Shares in Afterpay Touch (ASX:APT) closed 4.6 per cent higher at $28.20..

Company news

Vmoto (ASX:VMT) have seen their shares rise after they released details of the launch of two new electric scooters. They were unveiled at the 2019 Motorcycle show in Italy. The E-Max VS1, is designed for commercial customers in delivery operations. The second model, the Super Soco CPx electric scooter, will target the consumer market. Shares in Vmoto (ASX:VMT) closed 23.1 per cent higher at $0.16.

Suncorp Group (ASX:SUN) is looking to raise $250 million with the ability to raise more or less, through the offer of Suncorp Capital Notes 3.

Australian agribusiness Elders (ASX:ELD) today released its results for the 12 months to September 2019, reporting statutory profit after tax of $68.9 million compared to $71.6m in the previous year.

Ridley Corporation (ASX:RIC) says there will be a new organisational restructure with implications for their financial year 2020 and a significant reduction in staffing levels starting this month. The move comes three months after new Chief Executive Officer and Managing Director Quinton Hildebrand took over.

And Bubs Australia (ASX BUB) has launched in Vietnam’s largest Mother & Baby store chain, Bibo Mart. The company has over 135 stores, predominantly located in major metropolitan areas.

Best and worst performers 

The best performing sector was healthcare adding 2.8 per cent while the worst performing sector was Materials, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA), rising 11.3 per cent to close at $1.03. Shares in Domain Holdings (ASX:DHG) and Appen (ASX:APX) followed higher.

The worst performing stock in the S&P/ASX 200 was Fortescue Metals Group (ASX:FMG), dropping 5.5 per cent to close at $9.05. Shares in Perenti Group (ASX:PRN) and Western Areas (ASX:WSA) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has lost 2.4 per cent and the Shanghai Composite has lost 1.3 per cent.

Commodities and the dollar

Gold is trading at US$1,464 an ounce.
Iron ore price is 3.7 per cent lower at US$80.11.
Iron ore futures are pointing to a fall of 1.8 per cent.
Light crude is US$0.09 up at US$57.24 a barrel.
One Australian dollar is buying 68.53 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.