The Australian share market saw a rally in late afternoon trade closing on a 4 week high at 3.5 per cent higher. Perenti Global (ASX:PRN)
shares advanced over 27 per cent and shares in Commonwealth Bank (ASX:CBA)
rose over 3 per cent. Real Estate Investment Trust closed the week leading the sectors and consumer staples came in the lowest.The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 180 points higher to finish at 5,387.Futures market
Dow futures are suggesting a rise 67 points.
S&P 500 futures are eyeing a rise of 9 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 214 point rise tomorrow morning.Broker moves
UBS has rated JB HI-FI (ASX:JBH)
as an Upgrade to a Buy from a Neutral. UBS expects the current crisis to have a significant drag on the housing sector, characterised by falling house prices, a slowdown in completions and a drop in turnover. This is likely to be a headwind to household goods sales in FY21. Nevertheless, retailers such as JB Hi-Fi are envisaged having significant capacity to withstand the downturn. Target price is reduced to $39.70 from $43.00. Shares in JB HI-FI (ASX:JBH)
closed 7.2 per cent up at $33.90.Company news
says the Argentine Ministry of Production has declared lithium mines Olaroz and Borax ‘essential activities’ and has restarted production. There are a reduced number of workers on the sites but lithium carbonate shipping has recommenced. The operations remain subject to a variety of potential disruptive factors related to COVID-19 including ongoing government restrictions on personnel movement and travel, closure of suppliers and customers, and potential reduced demand for products. On-site operations for the Olaroz Stage 2 expansion remain suspended. However, engineering, planning and procurement work is continuing offsite. Shares in Orocobre (ASX:ORE)
closed 3.1 per cent lower at $2.17.
announced that its stem cell product candidate remestemcel-L will be formally evaluated in a randomized, placebo-controlled trial in patients with acute respiratory distress syndrome (ARDS) caused by coronavirus infection (COVID-19).
Centuria Property Funds No.2 as Responsible Entity for Centuria Industrial REIT (ASX:CIP)
has launched a fully underwritten institutional placement to raise $130 million and a non-underwritten Unit Purchase Plan to raise approximately $10.0 million.
became aware today that HT&E has acquired at least 11 million oOh!media shares as at the latest share register obtained by the Company for 6 April 2020, representing at least 1.8 per cent of the Company’s issued capital.Best and worst performers
The best-performing sector is Real Estate Investment Trust gaining 5.7 per cent, while the worst performing sector is Consumer Staples gained the least at 0.2 per cent.
The best performing stock in the S&P/ASX 200 is Perenti Global (ASX:PRN)
rising 27.6 per cent to $0.79, followed by shares in oOh!Media (ASX:OML)
and Southern Cross Media Group ASX:SXL).
The worst performing stock in the S&P/ASX 200 is United Malt Group (ASX:UMG)
dropping 4.3 per cent to $4.88, followed by shares in Reliance Worldwide Corp (ASX:RWC)
and Fisher and Paykel Healthcare Corp (ASX:NHC)
Japan’s Nikkei is flat, Hong Kong’s Hang Seng has rose 0.7 per cent and the Shanghai Composite has added 0.6 per cent.Commodities and the dollar
Gold is trading at US$1,562 an ounce.
Iron ore price is 1.1 at US$83.64.
Iron ore futures are pointing to a rise of 3.2 per cent.
Light crude is US$0.91 up at US$26 a barrel.
One Australian dollar is buying 62.09 US cents.