GrainCorp surges 11.5%: Aus shares close 0.9% higher

Market Reports

by Ortenzia Borre

It's been a positive day of trade for the Australian share market closing 0.9 per cent higher today with all sectors in the green. GrainCorp Limited (ASX:GNC) led the way as the best performing stock with shares surging 11.5 per cent after the ACCC said it would not intervene in the sale of the company's port facilities to ANZ Terminals. As for the sectors today Information Technology led the day with Communication Services having the least gains.

Broker Moves

Credit Suisse has rated BHP as a Neutral. Despite Mike Henry replacing Andrew Mackenzie as CEO from January 1, the broker believes the usual change of direction for a company with a new CEO won't be an issue and states it should be business as usual for BHP as Mr Henry is well credentialled, having been president of the Australian operations for BHP Group.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 59 points higher to finish at 6,794 and over the week had a 70 point gain.

Futures market

Dow futures are pointing to a rise of 97 points.
S&P 500 futures are eyeing a gain of 11 points.
The Nasdaq futures are eyeing a rise of 32 points.
The ASX200 futures are pointing to a 60 point rise for Monday morning.

Company news

The Supreme Court of Western Australia has today made orders approving the scheme of arrangement by which QGIF Swan Bidco Pty Ltd will acquire 100% of Pacific Energy (ASX:PEA) for cash consideration of $1.07 per share less the Special Dividend.

The scheme will become legally effective upon the expected lodgement of the Court orders with the Australian Securities and Investments Commission on Monday, 18 November 2019. If this occurs, Pacific Energy’s shares will be suspended from trading on the ASX at the close of trade on Monday, 18 November 2019. The Company will provide further updates to Shareholders and the market regarding the status of the Special Dividend. Shares in Pacific Energy (ASX:PEA) closed flat at $1.06.

Looking at some more headlines:

Sigma Healthcare (ASX:SIG) signed a medicinal cannabis distribution agreement. Distribution is anticipated to take place through Sigma’s national retail pharmacy network which includes Amcal+ and Guardian Pharmacies.

IT solutions provider Cirrus Networks Holdings (ASX:CNW) have entered into a new IT contract with global mining giant, Rio Tinto (ASX:RIO).

Zeta Resources (ASX:ZER) have refused to accept a takeover offer for Panoramic Resources from Independence Group (ASX:IGO).

Freedom Foods Group Limited's (ASX:FNP) Australian Fresh Milk Holdings has acquired the Torrumbarry Aggregation in Northern Victoria, a 3,500 hectare farm on the Murray River.

Best and worst performers of the day

The best-performing sector is Information Technology, adding 1.6 per cent, and the sector with the fewest gains was Communication Services, adding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is GrainCorp Limited (ASX:GNC) closing 11.5 per cent higher at $8.62, followed by shares in Galaxy Resources Limited (ASX:GXY) and Link Administration Holdings (ASX:LNK).

The worst performing stock in the S&P/ASX 200 is G8 Education Limited (ASX:GEM), dropping 6.6 per cent to $1.99, followed by shares in Speedcast International Limited (ASX:SDA) and Washington H Soul Pattinson (ASX:SOL).

Asian markets

Japan’s Nikkei has gained 0.8 per cent.
Hong Kong’s Hang Seng has gained 0.3 per cent.
The Shanghai Composite has lost 0.1 per cent.

Wall Street

Wall Street wrapped up the past four trading days higher.
The Dow Jones gained 0.4 per cent
The S&P 500 gained 0.1 per cent
The NASDAQ gained 0.04 per cent.

Commodities and the dollar

Gold is trading at US$1,467 an ounce.
Iron ore price is 2.9 per cent higher at US$83.42.
Iron ore futures are pointing to a rise of 3 per cent.
Light crude is 11 cents higher at US$56.99 a barrel.
One Australian dollar is buying 67.94 US cents.