Bravura (ASX:BVS) shoots up 14%: ASX closed 0.9% higher

Market Reports

by Rachael Jones

The Australian share market rose throughout the day and managed to close 0.9 per cent higher, a record high. The Reserve Bank of Australia signalled interest rates are to stay low. Shares in Collins Foods (ASX:CKF) are on the rise after they released their results showing statutory NPAT is up 12.1 per cent for the half year. Shares in Caltex (ASX:CTX) also rose after revealing it had received a takeover approach from a Canadian convenience retailer. As for the sectors today, they were all in the green with Telcos leading the day and Healthcare losing the least.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 63 points higher to finish at 6,851.

Futures market

Dow futures are suggesting a lift of 4 points.
S&P 500 futures are eyeing a rise of 1 points.
The Nasdaq futures are eyeing a lift of 10 points.
And the ASX200 futures are eyeing a 64 point rise tomorrow morning.

Local Economic News

Construction work done fell 0.4 per cent in the third quarter, beating consensus expectations for a 1 per cent decline. While construction work done continued to fall in the quarter, it was an improvement on the 3.8 per cent decline posted in the second quarter.

Broker moves

UBS has upgraded Westpac (ASX:WBC) to a neutral from sell with a target price of $24.50. The move comes they announced the CEO Brian Hartzer will step down. The broker believes Westpac may need to spend a significant amount of money to address compliance issues. Shares in Westpac (ASX:WBC) are currently 0.2 per cent lower at $24.81.

Company news

The Directors of Harvey Norman Holdings (ASX:HVN) said that the aggregated amount of sales from wholly-owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland, majority-owned controlled company-operated stores in Singapore and Malaysia, and from independent Harvey Norman, Domayne and Joyce Mayne totalled $2.44 billion for the period 1 July 2019 to 31 October 2019. When compared to Aggregated Sales for the same period last year the increase was 2.0 per cent. Some of this gain is attributable to favourable currency movements. Shares in Harvey Norman Holdings (ASX:HVN) closed 0.7 per cent lower at $4.29.

Woolworths Group (ASX:WOW) CEO Brad Banducci and Woolworths Group Chairman Gordon Cairns have acknowledged their leadership responsibility for the payment shortfalls to salaried team members under the General Retail Industry Award (GRIA). The CEO will forgo his short term bonus of $2.6 million.

ExxonMobil Global Services Company has entered into an enabling agreement with Worley (ASX:WOR) relating to ExxonMobil’s refining and chemicals operations sites in Texas and Louisiana in the US.
Collins Foods (ASX:CKF) has released its results for the half year ended 13 October 2019 (HY20), showing statutory NPAT up 12.1 per cent to $24.1 million from the Half year 2018 where it was $21.5 million. KFC Australia SSS (same store sales) saw growth of 4.9 per cent for the half year compared to the last half year at 3.1 per cent.

Best and worst performers 

The best performing sector was Telcos adding 2.1 per cent while the worst performing sector was Healthcare, making the least gains at 0.3 per cent.

The best performing stock in the S&P/ASX 200 was Bravura Solutions (ASX:BVS), rising 14.5 per cent to close at $4.98. Shares in Silver Lake Resources (ASX:SLR) and Gold Road Resources (ASX:GOR) followed higher.

The worst performing stock in the S&P/ASX 200 was Bank of Queensland (ASX:BOQ), dropping 4.8 per cent to close at $7.75. Shares in Vocus Group (ASX:VOC) and Speedcast International (ASX:SDA) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has added 0.04 per cent and the Shanghai Composite has added 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,459 an ounce.
Iron ore price is 1.8 per cent lower at US$89.30.
Iron ore futures are pointing to a fall of 1.2 per cent.
Light crude is US$0.09 down at US$58.32 a barrel.
One Australian dollar is buying 67.75 US cents.