Global recovery hopes boost markets: ASX closes 0.6% higher

Market Reports

by Rachael Jones

The Australian share market pulled back on some of its Covid losses and managed to close 0.6 per cent higher. Shares in Whitehaven Coal (ASX:WHC) went up over 10 per cent today. Zip Co (ASX:Z1P) shares fell lower. As for the sectors today Energy led the day and Infotech fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 39 points higher to finish at 6,683.

Futures market

Dow futures are suggesting a rise of 11 points.
S&P 500 futures are eyeing a lift of 5 points.
The Nasdaq futures are eyeing a gain of 43 points.
And the ASX200 futures are eyeing a 31 point rise tomorrow morning.

Local economic news

Total construction work done fell 2.6 per cent to $51.2 billion in the September quarter.

Company news

Cann Group Limited (ASX:CAN) has received notice from the Australian Department of Health’s Office of Drug Control (ODC) that licences held by its wholly owned subsidiary, Cannoperations Pty Ltd, relating to cultivation and production of medicinal cannabis; research activities in relation to medicinal cannabis; and manufacture of medicinal cannabis products (together the “ODC Licences”) have been varied, effective immediately, to enable these activities to be undertaken at Cann Group’s new Mildura facility. Shares in Cann Group Limited (ASX:CAN) closed 8.9 per cent higher at $0.55.

Galaxy Resources (ASX:GXY) is undertaking a $161 million capital raising to fund its Sal de Vida Stage 1 and pre-development activities to progress James Bay to a construction ready status.

Harvey Norman (ASX:HVN) has reported a 160.1 per cent increase in profit before tax between July 1 and October 31 to $341.11 million compared to $131.17 million for the prior corresponding period.

Lepidico Ltd (ASX:LPD) has completed the acquisition of all of the issued capital of Bright Minz Pty Ltd. - the holder of the LOH-Max® process technology.

IPO

Mobile engagement solutions provider Plexure Group (ASX:PX1) started trading today their shares issued at $1.13, opened at $1.16, and is closed at $1.15.

Best and worst performers of the day

The best performing sector was Energy adding 2.8 per cent while the worst performing sector was Infotech, shedding 3.6 per cent.

The best performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC), rising 10.7 per cent to close at $1.55. Shares in Omni Bridgeway (ASX:OBL) and Flight Centre Travel Group (ASX:FLT) followed higher.

The worst performing stock in the S&P/ASX 200 was Mesoblast (ASX:MSB), dropping 7.2 per cent to close at $4.15. Shares in Megaport (ASX:MP1) and Zip Co (ASX:Z1P) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.8 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,806 an ounce.
Iron ore price is 0.1 up at US$127.42.
Iron ore futures are pointing to a fall of 0.1 per cent.
Light crude is US$0.25 higher at US$45.28 a barrel.
One Australian dollar is buying 73.53US cents.

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