The only sector to make losses today was the Financial sector: ASX closed 1.5% higher

Market Reports

by Rachael Jones

After a rocky start it has been a mostly positive day of trade for the Australian share market, the local bourse managed to close 1.5 per cent higher. Shares in Domain Holdings (ASX:DHG) closed over 18 per cent higher and AP Eagers (ASX:APE) also did well today. Financials sector took a hit today, the only sector that made losses today. Banks weighed heavily as the NAB (ASX:NAB) released their interim results. As for the sectors today Infotech led the day and Utilities fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 79 points higher to finish at 5, 321.

Futures market

Dow futures are suggesting a rise of 212 points.
S&P 500 futures are eyeing a rise of 18 points.
The Nasdaq futures are eyeing a lift of 89 points.
And the ASX200 futures are eyeing a 88 point rise tomorrow morning.

Local economic news

The latest CommSec economic rankings reveal how the state and territory economies were positioned heading into the coronavirus pandemic. Victoria remains Australia’s strongest performing economy, but it now shares top spot with Tasmania with strength in the building and purchase of homes. NSW remains consistently strong across all indicators but lost one position on dwelling starts in the quarter. The ACT is in fourth spot, supported by a strong job market and solid demand for homes. Queensland remains in fifth spot from South Australia and both are having to contend with relatively high jobless rates. Western Australia remains in seventh position, ahead of Northern Territory.

Company news

MedAdvisor (ASX:MDR) today announced that its telehealth and on-demand home delivery features are now live. Commenting on the news, MedAdvisor CEO Robert Read said: “The events of COVID-19 have delivered unprecedented challenges globally. In response, Medadvisor has fast-tracked its development roadmap to launch home delivery and telehealth services to assist patients, pharmacies and doctors through these challenging times. 9000+ items already delivered by pharmacy to home, with Kings on-demand medication home delivery now live across Sydney, Melbourne and Brisbane. Shares in MedAdvisor (ASX:MDR) are closed 6 per cent higher at $0.44.

National Australia Bank (ASX:NAB) is looking to raise $3.5 billion from investors as their half year profit drops 51 per cent. The bank released their results two weeks ahead of schedule.

Viva Energy (ASX:VEA) has started preparations to shut down the Geelong Refinery’s Residual Catalytic Cracking Unit (RCCU) and associated processing units. They will be closed together with the smaller of the Crude Distillation Units, with effect from early May 2020.

Best and worst performers of the day

The best performing sector was Infotech adding 3.6 per cent while the worst performing sector was Financials, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Domain (ASX:DHG), rising 18.6 per cent to close at $2.55. Shares in AP Eagers (ASX:APE) and NRW Holdings (ASX:NWH) followed higher.

The worst performing stock in the S&P/ASX 200 was Westpac (ASX:WBC), dropping 4.4 per cent to close at $14.66. Shares in Southern Cross Media Group (ASX:SXL) and New Hope Corporation (ASX:NHC) followed lower.

Asian markets

Japan’s Nikkei has added 2.7 per cent, Hong Kong’s Hang Seng has added 1.8 per cent and the Shanghai Composite is up 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,721 an ounce.
Iron ore price has lost 0.1 per cent at US$84.35.
Iron ore futures are pointing to a fall of 0.5 per cent.
Light crude is US$1.41 down at US$19.81 a barrel.
One Australian dollar is buying 64.59 US cents.

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