Market manages to lift after a four-day losing streak: ASX closes 0.1% higher

Market Reports

by Rachael Jones

The Australian share market has seen a few losses over the last few days but today managed to pull up to close 0.1 per cent higher. The big four banks all closed lower today. As for the sectors today Infotech led the day and Energy closed the day the lowest.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 7 points higher to finish at 6,058.

Futures market

Dow futures are suggesting a fall of 156 points.
S&P 500 futures are eyeing a dip of 18 points.
The Nasdaq futures are eyeing a fall of 42 points.
And the ASX200 futures are eyeing a 3 point rise tomorrow morning.

Local economic news

The Consumer Price Index (CPI) rose 1.6 per cent this quarter. Over the twelve months to the September 2020 quarter the CPI rose 0.7 per cent. Child care was the most significant rise, contributing 0.9 percentage points, following the end of free child care on 13 July.

Company news

McPherson’s (ASX:MCP) has raised $36.5 million via a fully underwritten institutional placement at $2.27 per share. A Share Purchase Plan (SPP) is being offered to eligible shareholders in Australia and New Zealand to raise up to $10 million. The funds raised under the Placement will be used to fund the acquisition of Global Therapeutics and transaction costs and provide McPherson’s with additional balance sheet capacity for potential future acquisition and growth initiatives. Shares in McPherson’s (ASX:MCP) closed 7.7 per cent lower at $2.28.

The Tassal Group (ASX:TGR) has acquired Billy Creek, a 1,300 hectare property neighbouring the Company’s existing Proserpine prawn farm. The combination of the two properties (i.e. Proserpine + Billy Creek) provides an opportunity to support a total of circa 800 hectares of ponds across the wider precinct.

PolyNovo (ASX:PNV) has announced the approval of NovoSorb BTM by the Taiwan FDA for sale in Taiwan.

Xplore Wealth (ASX:XPL) has entered into a binding Scheme Implementation Agreement with HUB24 (ASX:HUB). It is proposed that HUB24 will acquire 100 per cent of the shares in Xplore by way of scheme of arrangement.

IPO

Coda Minerals (ASX:COD) started trading today. The mineral exploration and development company issued their shares at $0.30, started trading at $0.51 and is currently at $0.44.

Best and worst performers of the day

The best performing sector was Infotech adding just over 3 per cent while the worst performing sector was Energy, shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 was Blackmores (ASX:BKL), rising 13.7 per cent to close at $72.48. Shares in Polynovo (ASX:PNV) and Ramelius Resources (ASX:RMS) followed higher.

The worst performing stock in the S&P/ASX 200 was Adbri (ASX:ABC), dropping 5.5 per cent to close at $2.90. Shares in Flight Centre Travel Group (ASX:FLT) and Cooper Energy (ASX:COE) followed lower.

Asian markets

Mixed: Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has gained 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,908 an ounce.
Iron ore price is 0.4 per cent higher at US$115.13.
Iron ore futures are pointing to a rise of 2.2 per cent.
Light crude is US$0.86 lower at US$38.71 a barrel.
One Australian dollar is buying 71.46US cents.