Miners took a hit today with BHP (ASX:BHP) weighing on the market: ASX closed 0.8% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market for the end of the week with the local bourse managing to close 0.8 per cent higher. Evolution Mining (ASX:EVN) saw their shares fall today after they downgraded their production guidance for its Mt Carlton operation, with modelling showing smaller orebodies at the site than originally anticipated. The Vocus Group (ASX:VOC) saw their shares rise. As for the sectors today Healthcare led the day and Materials fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 55 points higher to finish at 6,929.

Over the week it added 2.8 per cent or 197 points.

Futures market

Dow futures are suggesting a lift of 73 points.
S&P 500 futures are eyeing a rise of 7 points.
The Nasdaq futures are eyeing a lift of 28 points.
And the ASX200 futures are eyeing a 51 point rise Monday morning.

Local Economic News

Retail turnover rose 0.9 per cent in November 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS). This follows a rise of 0.1 per cent in October 2019. There were rises for clothing, footwear and personal accessory retailing at 3.1 per cent. These rises were partially offset by a fall in other retailing (-0.5 per cent).

Company news

IMF Bentham (ASX:IMF) expects to receive income of approximately €4.8 million that’s $7.7 million in FY20 from an Omni Bridgeway European recovery mandate investment.
This is the second enforcement investment completion by the Omni Bridgeway business since it was acquired by IMF in November 2019 for an initial closing consideration of €31.18 million. Following the merger the combined group is a global leader in dispute resolution finance, with expertise in civil and common law legal and recovery systems, and operations spanning Asia, Australia, Canada, Europe, the Middle East, the UK and the US. Shares in IMF Bentham (ASX:IMF) closed 0.9 per cent higher at $4.36.

SeaLink Travel Group (ASX:SLK) reports significant damage has been sustained to the SeaLink owned Vivonne Bay Lodge at Vivonne Bay on Kangaroo Island as a result of recent bush fire activity. The full extent of the damage is not yet known.

MyState (ASX:MYS) Managing Director and CEO, Melos Suli-sich has resigned. He is set to leave the company in July 2020 after 6 years of service. He says after 6 years of living away from his family in Sydney, he is making a personal decision to return home permanently.

Bega Cheese (ASX:BGA) expects to lose around 900,000 litres of milk due to non-collection as a result of the fires. No dairy sheds have been lost to the fires, which have affected farm operations and infrastructure including fencing, power lines, paddocks and road access. Despite this, the company says the milk losses will have no material overall impact on Bega’s operations.

Best and worst performers 

The best performing sector was Healthcare adding 2.11 per cent while the worst performing sector was Materials, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Vocus Group (ASX:VOC), rising 8.1 per cent to $3.20, followed by shares in Orocobre (ASX:ORO) and Avita Medical (ASX:AVH).

The worst performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG) falling 9.1 per cent to $1.10, followed by shares in Evolution Mining (ASX:EVN) and Perenti Global (ASX:CCL) followed.

Asian markets

Mixed: Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng is flat and the Shanghai Composite has lost 0.3 per cent.

US Indices over the week

The Dow was 1.1 per cent higher, S&P 1.2 per cent higher and the NASDAQ 2 per cent higher.

Commodities and the dollar

Gold is trading at US$1,548 an ounce.
Iron ore price has lost 1.9 per cent to US$94.37.
Iron ore futures are pointing to a fall of 0.8 per cent.
Light crude is US$0.03 up at US$59.59 a barrel.
One Australian dollar is buying 68.73 US cents.