It has been a positive day of trade for the Australian share market the local bourse managed to closed 1 per cent higher. Shares in Seek (ASX:SEK) closed over 9 per cent today after confirming that its Chinese jobs platform Zhaopin was in investment talks with a number of parties. 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 61 points higher to finish at 5,956
Dow futures are suggesting a fall of 4 points.
S&P 500 futures are eyeing a rise of 2 points.
The Nasdaq futures are eyeing a dip of 13 points.
And the ASX200 futures are eyeing a 63 point rise tomorrow morning.
Local economic news
The Westpac-MI leading index's six-month annualised growth improved to -2.56 per cent in August from –4.42 per cent in July. The growth rate indicates the likely pace of economic activity relative to trend three to nine months into the future.
The High Court of England and Wales has ruled against QBE (ASX:QBE) in a dispute over customers' efforts to recoup losses from the coronavirus via their "business interruption" insurance policies. The test case was undertaken by the UK Financial Conduct Authority. The court ruled that some QBE policyholders were entitled to claim an insurance payout for business losses suffered when Britain went into its March-June Covid-19 lockdown. Given the possibility of appeals and further legal action, the estimated gross cost to QBE could increase or decrease, however, the net cost to QBE is not expected to vary. Shares in QBE (ASX:QBE) closed 0.9 per cent lower at $9.20.
Kogan.com (ASX:KGN) reports the largest monthly increase for August in the history of the company where active Customers grew to 2,461,000 as at 31 August 2020, an incremental 152,000.
Decmil Group (ASX:DCG) has been awarded around $41 million contract for an iron bridge in the Pilbara region of Western Australia to undertake non-mining process infrastructure works at the US$2.6 billion Iron Bridge Magnetite Project.
Buddy Technologies (ASX:BUD), a leader in IoT and cloud-based solutions has received new contracted purchase orders totalling US$4.5m (A$6.2m) achieving its largest ever 30 day sales period.
Best and worst performers of the day
The best performing sector was Infotech adding 2.4 per cent while the worst performing sector was utilities, with the fewest gains 0.4 per cent.
The best performing stock in the S&P/ASX 200 was Seek (ASX:SEK), rising 9.4 per cent to close at $21.02. Shares in AP Eagers (ASX:APE) and EML Payments (ASX:EML) followed higher.
The worst performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC), dropping 5.2 per cent to close at $0.92. Shares in Ooh!Media (ASX:OML) and New Hope Corp (ASX:NHC) followed lower.
Mixed: Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite has lost 0.6 per cent.
Commodities and the dollar
Gold is trading at US$1,958 an ounce.
Iron ore price is 1.3 down at US$128.52.
Iron ore futures are pointing to a fall of 5.1 per cent.
Light crude is US$0.69 higher at US$39.62 a barrel.
One Australian dollar is buying 73.13US cents.