Health Care sector leads losses: Aus shares close flat

Market Reports

by Ortenzia Borre

The Australian share market rose at the open before falling by noon and continuing to drop closing flat at the end of trade. Lynas Corporation (ASX:LYC) led the top 200 gains at for the session and Clinuvel Pharmaceuticals (ASX:CUV) led the losses for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed flat to finish at 5,217.

Futures market 

Dow futures are suggesting a rise of 61 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing a lift of 9 points.
And the ASX200 futures are eyeing a 20 point fall tomorrow morning.

Broker moves

Citi has rated Orocobre (ASX:ORE) as a Buy. The broker says production was down 11% in the March quarter because of temporary shutdowns and pandemic restrictions in Argentina. In addition construction on stage 2 of Olaroz is currently suspended. Citi incorporates the Advantage transaction in its model which results in a marginal reduction in the target. Buy/High Risk. Target falls to $3.00 from $3.10.Shares in Orocobre (ASX:ORE) closed 4.8 per cent higher at $2.18.

Looking at some company headlines from the day:

Lynas Corporation (ASX:LYC) is awarded a US Department of Defense contract.

Ramsay Health Care (ASX:RHC) completes $1.2 billion capital raise.

Electro Optic Systems (ASX:EOS) awarded NATO navies contract.

Best and worst performers of the day

The best performing sector was Materials adding 2.2 per cent while the worst performing sector was Health Care shedding 2 per cent.

The best performing stock in the S&P/ASX 200 was Lynas Corporation (ASX:LYC), rising 16.9 per cent to close at $1.63. Shares in Perenti Global (ASX:PRN) and Regis Resouces (ASX:RRL) followed.

The worst performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), dropping 6.6 per cent to close at $19.87 cents. Shares in Avita Medical (ASX:AVH) and Ramsay Health Care (ASX:RHC) followed lower.

Asian markets

All higher: Japan’s Nikkei is up 1.5 per cent, Hong Kong’s Hang Seng added 0.6 per cent and the Shanghai Composite is 0.1 per cent up.

Commodities and the dollar

Gold is trading at US$1,716 an ounce.
Iron ore price added 0.8 per cent to US$85.04.
Iron ore futures are pointing to a rise of 0.3 per cent.
Light crude is US$1.44 up at US$15.22 a barrel.
One Australian dollar is buying 63.48 US cents.