Recession rebound as economy grew 3.3%: ASX closed 0.03% higher

Market Reports

by Rachael Jones

The day started positively for the Australian share market but dipped in mid morning trade only to rise slightly again closing 0.03 per cent higher. Shares in Sandfire Resources (ASX:SFR) did well today but shares in satellite map company Nearmap (ASX:NEA) fell over 11 per cent today.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 2 points higher to finish at 6,590.

Futures market

Dow futures are suggesting a fall of 117 points.
S&P 500 futures are eyeing a fall of 8 points.
The Nasdaq futures are eyeing a dip of 17 points.
And the ASX200 futures are eyeing a 12 point rise for tomorrow morning.

Local economic news

Australian economic activity rose 3.3 per cent in seasonally adjusted chain volume terms in the September quarter 2020, according to figures released by the Australian Bureau of Statistics (ABS) today.

Company news

APN Funds Management as Responsible Entity for APN Industria REIT (ASX:ADI) announces the settlement of 78 Henderson Rd, Rowville, Victoria, for $16 million. This transaction was previously announced to the ASX on 20 November 2020. Shares in APN Industria REIT (ASX:ADI) closed 0.3 per cent higher at $3.02.

Mesoblast (ASX:MSB) today announced that the United States Food and Drug Administration (FDA) has granted Fast Track designation for remestemcel-L in the treatment of acute respiratory distress syndrome (ARDS) due to Covid-19 infection.
National Australia Bank (ASX:NAB) today announced the appointment of Les Matheson to as Chief Operating Officer.

Blackmores (ASX:BKL) have completed the divestment of Global Therapeautics to McPherson’s.

IPO CashRewards (ASX:CRW) started issued at $1.73, started trading at $2.01, and closed at $1.75.

Best and worst performers of the day

The best performing sector was Materials adding1.2 per cent while the worst performing sector was Info Tech, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was Sandfire Resources (ASX:SFR), rising 12.3 per cent to close at $5.40. Shares in Mesoblast (ASX:MSB) and Westgold Resources (ASX:WGX) followed.

The worst performing stock in the S&P/ASX 200 was Nearmap (ASX:NEA), dropping almost 6 per cent to close at $2.20. Shares in Appen (ASX:APX) and Worley (ASX:NST) followed.

Asian markets

Mixed: Japan’s Nikkei has added almost 0.1 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite is flat.

Commodities and the dollar

Gold is trading at US$1,809 an ounce.
Iron ore price is 0.4 up at US$132.13.
Iron ore futures are pointing to a rise of 2.5 per cent.
Light crude is US$0.24 lower at US$44.35 a barrel.
One Australian dollar is buying 73.69US cents.