The Australian share market rose at the open and continued to rally closing 0.6 per cent up at the end of today’s trade.
Afterpay (ASX:APT) led the gains for the day up over 11 per cent, and GWA Group (ASX:GWA) led the losses for the day, down 3 per cent.
Shares in Sezzle (ASX:SZL), another buy now, pay later platform, skyrocketed over 42 per cent following the company’s June quarter results and capital raise reports.
In other major financial news this afternoon, Rio Tinto (ASX:RIO) has confirmed it will close its New Zealand Aluminium Smelters (NZAS) assets.
In an COVID-19 update Victoria has recorded 165 new cases of coronavirus in the past 24 hours, as the state spent its first day back in lockdown with businesses again forced to close.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 35 points higher to finish at 5,956.
Futures market are mixed
Dow futures are suggesting a fall of 37 points
S&P 500 futures are eyeing a dip of 3 points
The Nasdaq futures are eyeing a rise of 5 points
The ASX200 futures are eyeing a 45 point rise tomorrow morning
Ord Minnett rates Event Hospitality and Entertainment (ASX:EVT) as a Buy. The company has announced a $205m extension to debt facilities and also a series of initiatives to preserve cash. This includes a decision not to pay a final dividend for FY20 or an interim dividend for FY21. The broker expects recovery in the company's businesses will take place at varying speeds but can envisage no reason why earnings will not return to FY19 levels by FY23. Shares in Event Hospitality and Entertainment (ASX:EVT) closed 0.4 per cent lower at $8.47.
Local economic news
Home loan commitments for housing fell sharply in May, down 11.6 per cent according to the latest Australian Bureau of Statistics figures released today. ABS Chief Economist, Bruce Hockman, said: “This was the largest fall in the history of the series, driven by strong falls in the value of loan commitments for housing in New South Wales and Victoria”. The value of new loan commitments for owner occupier housing fell 10.2 per cent, while investor housing fell 15.6 per cent. The number of owner occupier first home buyer loan commitments fell 9.3 per cent.
Looking at some more headlines:
Treasury Wine Estates (ASX:TWE) posts 21% decline in EBITS for FY20
Worley (ASX:WOR) increases stake in TW Power Services
Praemium (ASX:PPS) is to acquire Powerwrap (ASX:PWL) for $55m
Best and worst performers of the day
The best performing sector was Information Technology adding 3.1 per cent while the worst performing sector was Consumer Staples shedding 0.8 per cent.
The best performing stock in the S&P/ASX 200 was Afterpay (ASX:APT), rising 11.4 per cent to close at $73.50. Shares in Netwealth Group (ASX:NWL) and Perenti Global (ASX:PRN) followed.
The worst performing stock in the S&P/ASX 200 was GWA Group (ASX:GWA), dropping 3 per cent to close at $2.57 cents. Shares in Treasury Wine Estates (ASX:TWE) and The Star Entertainment Group (ASX:SGR) followed lower.
All higher: Japan’s Nikkei has gained 0.6 per cent, Hong Kong’s Hang Seng also gained 0.1 per cent and the Shanghai Composite is 1.1 per cent up.
Commodities and the dollar
Gold is trading at US$1,813 an ounce.
Iron ore price added 3.4 per cent to US$106.50.
Iron ore futures are pointing to a rise of 0.8 per cent.
Light crude is US$0.17 down at US$40.87 a barrel.
One Australian dollar is buying 69.84 US cents.