Great start to the week for Aussie stocks: ASX closed 2.6% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market the local bourse managed to close 2.6 per cent higher. Shares in Mesoblast (ASX:MSB) did well today, rising over 11 per cent. Gold miners were hit today though with Evolution Mining (ASX:EVN) and Newcrest (ASX:NCM) both falling. All the sectors were in the green today.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 150 points higher to finish at 5,942.

Futures market

Dow futures are suggesting a rise of 210 points.
S&P 500 futures are eyeing a rise of 23 points.
The Nasdaq futures are eyeing a lift of 108 points.
And the ASX200 futures are eyeing a 140 point rise tomorrow morning.

Company news

McMillan Shakespeare (ASX:MMS) has settled a class action relating to its warranty product business National Warranty Company, a subsidiary of Presidian Holdings Pty Ltd, subject to Federal Court Approval. McMillan acquired the company in February 2015.The class action sought orders that the National Warranty Company warranties were void, and sought either the restitution or a refund of the premium paid and interest on that amount, regardless of whether claims were in fact met and the contracts performed.

MMS provided a net charge of approximately $2 million plus its legal costs in its statutory net profit for FY20 and this will be sufficient to deal with the agreed settlement. Shares in McMillan Shakespeare (ASX:MMS) closed 4.8 per cent higher at $8.80.

Nova Minerals (ASX:NVA) reports Korbel Interim Gold Mineral Resource has increase to 3.3 million ounces.

Family Zone (ASX:FZO) collected a record $4.4 million from customers, that’s 250 per cent year on year, ending the quarter with $8.7 million in cash. They now service in excess of 2.5 per cent of US school districts across 37 US states and with a continued strong sales pipeline.

Sequoia Financial Group (ASX:SEQ) says the issue price of shares to be issued to shareholders who have elected to participate in Sequoia’s Dividend Reinvestment Plan (DRP) for the 2020 final dividend has been calculated as $0.33111 per share.

Best and worst performers of the day

The best performing sector was energy closing 4.5 per cent higher while the worst performing sector with the fewest gains was Infotech, rising 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Mesoblast (ASX:MSB), rising 11.6 per cent to close at $3.56. Shares in Clinuvel Pharmaceuticals (ASX:CUV) and Oil Search (ASX:OSH) followed higher.

The worst performing stock in the S&P/ASX 200 was Megaport (ASX:MP1), dropping 2.1 per cent to close at $15.66. Shares in Arb corporation (ASX:ARB) and Evolution Mining (ASX:EVN) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 1.2 per cent, Hong Kong’s Hang Seng has gained 1.4 per cent and the Shanghai Composite was closed.

Commodities and the dollar

Gold is trading at US$1,893 an ounce. .
Iron ore futures are pointing to a rise of 4.99 per cent.
Light crude is US$0.83 higher at US$38.17 a barrel.
One Australian dollar is buying 71.82US cents.