Polynovo (ASX:PNV) shares soar after hitting $2m month: ASX closed 0.4% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market after a rise in early morning trade, the local bourse managed to close 0.4 per cent higher. Medical device company PolyNovo (ASX:PNV) shares have soared today after they released that they had their first two-million-dollar month. Their product NovoSorb BTM is a dermal scaffold for the skin after surgery or burns. Shares in Resolute Mining (ASX:RSG), fell as did Ingenia Communities Group (ASX:INA). All of the sectors closed in the black today with healthcare leading the way.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 91 points higher to finish at 6,826

Futures market

Dow futures are suggesting a lift of 75 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing a lift of 32 points.
And the ASX200 futures are eyeing a 97 point rise tomorrow morning.

Local Economic News

The Australian Industry Group Australian Performance of Manufacturing Index increased slightly by 0.2 points to 48.3 in December, marking two consecutive months of contraction the first time since mid-2015.

Company news

Champion Iron (ASX:CIA) has entered a scheme implementation deed to redomicile from Australia to Canada. The iron ore exploration and development company will become a subsidiary of Champion Canada. The parent company will acquire all the ordinary shares in Champion Australia and replace the Australian firm as the listed entity on the ASX. The re-domicile will not result in any changes to operations, management or strategy. Shares in Champion Iron (ASX:CIA) closed 1.8 per cent higher at $2.86.

Domino’s Pizza Enterprises (ASX:DMP) expects to be served shortly with Federal Court proceedings by an Australian franchisee. They say they are disappointed, but not surprised, by this action by an Australian franchisee.

Kangaroo Island Plantation Timbers (ASX:KPT) has entered a voluntary trading suspension as they await an assessment of the damage sustained from the bushfires.

Iress (ASX:IRE) earlier announced it acquired blockchain communication platform provider, BC Gateways. They help Australian financial institutions share large volumes of pricing, tax and regulatory data across the investment management value chain.

Best and worst performers

The best performing sector was Healthcare adding 2 per cent while the worst performing sector was Materials, gained the least at 0.3 per cent.

The best performing stock in the S&P/ASX 200 was Polynovo (ASX:PNV), rising 11.9 per cent to close at $2.03. Shares in Orocobre (ASX:ORE) and Pilbara Minerals (ASX:PLS) followed higher.

The worst performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), dropping 3.9 per cent to close at $1.23. Shares in Ingenia Communities Group (ASX:INA) and Regis Resources (ASX:RRL) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 1.5 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has added 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,561 an ounce.
Iron ore price has added 1.1 per cent at US$95.61.
Iron ore futures are pointing to a lift of 0.3 per cent.
Light crude is US$0.44 lower at US$62.83 a barrel.
One Australian dollar is buying 69.30 US cents.