The Australian share market rose at the open closing 0.8 per cent up at the end of trade.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 50 points higher to finish at 5,992.
Futures market - mixed
Dow futures are suggesting a fall of 118 points.
S&P 500 futures are eyeing a rise of 5 points.
The Nasdaq futures are eyeing a lift of 19 points.
And the ASX200 futures are eyeing a 51 point rise tomorrow morning.
Local economic news
The Leading Index remains at recession levels, that’s according to Westpac’s leading index for May report released today. Despite the slight improvement, the Index growth rate remains in deep negative territory with the growth rate weakening sharply over the last six months, dropping from 0.28% in December to the 4.79% in May.
UBS has rated Fisher & Paykel Healthcare (ASX:FPH) as a Sell. UBS notes initial attempts to assess sales related to the pandemic were based on high estimates of infection rates, available ICU beds and manufacturing capability. Amid further information, the broker lifts hospital revenue estimates in FY21 but believes the magnitude and longevity of the pandemic-related sales will eventually be disappointing. In addition, the share price has added 30% since mid January. Shares in Fisher & Paykel Healthcare (ASX:FPH) closed 5.3 per cent higher at $27.66.
Looking at some more headlines:
Personal protection solutions company Ansell (ASX:ANN), announced today that they will delay their planned CEO succession for six months from July 2021 to December 2021.
Carsales.com (ASX:CAR) reported net profit after tax will be down 6 to 9 per cent, in the range of $120 million and $124 million on the previous financial year.
Starpharma (ASX:SPL) has reported that its DEP lutetium candidate is effective in human prostate cancer models.
Best and worst performers of the day
The best performing sector was REITs adding 2.6 per cent while the worst performing sector was Materials shedding 0.6 per cent.
The best performing stock in the S&P/ASX 200 was Clinuvel (ASX:CUV), rising 8 per cent to close at $27.02. Shares in The A2 Milk Company (ASX:A2M) and Carsales.com (ASX:CAR) followed.
The worst performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), dropping 5.4 per cent to close at 27 cents. Shares in Mayne Pharma Group (ASX:MYX) and Webjet (ASX:WEB) followed lower.
Mixed: Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite is 0.2 per cent down.
Commodities and the dollar
Gold is trading at US$1,728 an ounce.
Iron ore price added 1.4 per cent to US$104.85.
Iron ore futures are pointing to a fall of 0.9 per cent.
Light crude is US$0.63 down at US$38.24 a barrel.
One Australian dollar is buying 68.99 US cents.