Australian Outward Foreign Affiliates Trade (AOFAT) release economic activity report: Aus shares close 0.5% higher

Market Reports

by Ortenzia Borre

The Australian share market opened higher this morning and closed 0.5 per cent up at the end of trade. Clinuvel Pharmaceuticals (ASX:CUV) led the top 200 gains for the session, and Resolute Mining (ASX:RSG) led the losses for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 30 points higher to finish at 5,909.

Futures market are higher

Dow futures are suggesting a rise of 48 points.
S&P 500 futures are eyeing a lift of 4 points.
The Nasdaq futures are eyeing a gain of 36 points.
And the ASX200 futures are eyeing a 49 point rise tomorrow morning.

Local economic news

The Australian Outward Foreign Affiliates Trade (AOFAT) released figures to measure the economic activity of the foreign affiliates of Australian resident enterprises. According to the Australian Bureau of Statistics, there were 275 Australian parent enterprises with a controlling interest in 5,176 Australian owned foreign affiliates in 2018-19. Of that figure, 4,622 were small-to-medium businesses with up to 199 employees, and 554 were large businesses, with over 200 employees.

In terms of the location of Australian owned foreign affiliates, the United States of America had 18% of the total number, that’s 932, followed by the UK and New Zealand. The total number of employees were 412,000 in 2018-19. 

Looking at some company stories from throughout the day:

Nearmap (ASX:NEA) is aiming to raise $90 million via an institutional placement and subsequent share purchase plan to fund potential acquisitions and existing growth initiatives.

Woolworths Group (ASX:WOW) has appointed Maxine Brenner to its Board as a non-executive director. Ms Brenner will step into the role on 1 December.

Lynas Corporation (ASX:LYC) has raised approximately $114 million. At $2.30 per new share, the retail entitlement offer closed on Monday.

Best and worst performers of the day

The best performing sector was Information Technology adding 1.3 per cent, while the worst performing sector, and the only sector in the red, was Real Estate Investment Trusts, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), rising 8.7 per cent to close at $21.41. Shares in Gold Road Resources (ASX:GOR) and Vocus Group (ASX:VOC) followed.

The worst performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), dropping 7.1 per cent to close at $0.99. Shares in Monadelphous Group (ASX:MND) and Tabcorp Holdings (ASX:TAH) followed lower.

Asian markets

All higher: Japan’s Nikkei has gained 0.9 per cent, Hong Kong’s Hang Seng is up 0.2 per cent and the Shanghai Composite is 0.1 per cent up.

Commodities and the dollar

Gold is trading at US$1,954 an ounce.
Iron ore price lost 2 per cent to US126.54.
Iron ore futures are pointing to a fall of 2.8 per cent.
Light crude is US$0.09 up at US$38.14 a barrel.
One Australian dollar is buying 72.80 US cents.