Tech sector boosts the market: ASX closed 1.9% higher

Market Reports

by Rachael Jones

It has been a mostly positive day of trade for the Australian share market after a small dip in early morning trade the local bourse managed to close 1.9 per cent higher. As for the sectors today, Infotech led the day and REITs the only sector to end the day lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 101 points higher to finish at 5,488.

Futures market

Dow futures are up 312 points.
S&P 500 futures are eyeing a rise of 34 points.
The Nasdaq futures are eyeing a lift of 125 points.
And the ASX200 futures are eyeing a 81 point rise tomorrow morning.

Local economic news

NAB's business confidence and conditions survey saw business confidence fall to - 66 index points – its lowest level on record while business conditions fell to -21 index points, which is below levels seen in the GFC.

Company news

Centuria Industrial REIT (ASX:CIP) has completed a $130 million institutional placement through the issue of approximately 49.6 million new CIP units. The funds will be used used to strengthen its balance sheets and provide funding flexibility. New shares were sold at $2.62 a share, a 5.1 per cent discount to the last closing price. They are also undertaking a non-underwritten unit purchase plan (UPP) to raise up to $10 million. Shares in Centuria Industrial REIT (ASX:CIP) closed 3.6 per cent lower at $2.66.

The Federal Court of Australia has today upheld the trial judgment and confirmed Bega Cheese Limited’s (ASX:BGA) right to use the trade dress currently associated with its peanut butter products. US food companies Heinz and Kraft wanted to stop Bega Cheese from using a distinctive type of packaging on the peanut butter products Bega is currently selling.

InvoCare (ASX:IVC) funeral homes is raising $150m through an underwritten institutional Placement to continue momentum achieved on its growth initiatives through the temporary restrictions on the funeral industry as a result of COVID-19.
Genetic Signatures (ASX:GSS) has received notice from the Therapeutic Goods Administration (“TGA”) that its EasyScreenTM SARS-CoV-2 Detection Kit has been approved to be listed on the ARTG in Australia.

Radiopharmaceutical company Cyclopharm (ASX:CYC) says the United States Food and Drug Administration (USFDA) has granted the Company a full application fee waiver of USD $2.9 million related to its recently submitted New Drug Application (NDA) for Technegas. Technegas is a nuclear medicine functional lung ventilation imaging agent.

Best and worst performers 

The best-performing sector is Information Technology gaining 5.8 per cent, while the worst performing sector is Real Estate Investment Trust losing 1.8 per cent.

The best performing stock in the S&P/ASX 200 was AfterPay Touch Group (ASX:APT), rising over 29 per cent to close at $28.40. Shares in Southern Cross Media Group (ASX:SXL) and Corporate Travel Management (ASX:CTD) followed higher.

The worst performing stock in the S&P/ASX 200 was Webjet (ASX:WEB), dropping 9.9 per cent to close at $2.65. Shares in Ingenia Communities Group (ASX:INA) and Growth Point Properties Australia (ASX:GWA) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 3 per cent, Hong Kong’s Hang Seng is up 0.8 per cent and the Shanghai Composite is up 1.1 per cent.

Commodities and the dollar

Gold is trading at US$1,714 an ounce.
Iron ore price isup 1 per cent at US$85.60.
Iron ore futures are pointing to a rise of 0.8 per cent.
Light crude is US$0.20 up at US$22.61 a barrel.
One Australian dollar is buying 64.12 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.