Iron ore price surges to 7 year high: ASX closes 0.4% higher

Market Reports

by Melissa Darmawan

The Australian share market rose at the open but saw a dip at lunchtime trade and closed 0.8 per cent higher. Iron ore price pushed price of Fortescue Metal while shares in Mesoblast (ASX:MSB) dipped.

The S&P/ASX 200 index

At the closing bell the S&P/ASX 200 index closed 0.4 per cent higher or 25 points higher to finish at 6,615.

Futures market

Dow futures suggesting a fall of 46 points.
S&P 500 futures are eyeing a fall of 6 points.
The Nasdaq futures are eyeing a rise of 12 points.
And the ASX200 futures are eyeing a 18 point rise tomorrow morning.

Local economic news

The trade surplus increased $1.6 billion to $7.45 billion in October.

Company news

Online retail marketplace, MyDeal (ASX:MYD) announced record trading in November with gross sales of $30 million, up 192 per cent year on year.
Active customers grew 236 per cent year on year. Just over 52 per cent of transactions are from returning customers up from 49.7 per cent in Q1 FY21. Shares in MyDeal (ASX:MYD) closed 3.8 per cent lower at $1.26.

The Shaver Shop Group (ASX:SSG) has entered a definitive agreement to acquire the six remaining franchise stores in NSW for $13 million plus stock on hand.

Artificial intelligence technology company BrainChip Holdings (ASX:BRN) has completed the Akida production design.The Register-Transfer Level (RTL) design of the AkidaTM Neuromorphic System-on-Chip has been transferred to the Company’s manufacturing partner, Socionext America (SNA).

Westpac (ASX:WBC) has entered into an enforceable undertaking with the Australian Prudential Regulation Authority on risk governance remediation.

Best and worst performers of the day

The best performing sector was materials at 3.8 per cent higher while the worst performing sector was healthcare, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was Fortescue Metals (ASX:FMG), rising 13.3 per cent to close at $20.65. Shares in Whitehaven Coal (ASX:WHC) and Mineral Resources (ASX: MIN) followed higher.

The worst performing stock in the S&P/ASX 200 was Mesoblast (ASX:MSB),dropping 3.8 per cent to close at $4.26. Shares in Fisher and Paykel Healthcare (ASX:FPH) and AMP (ASX:AMP) followed lower.

Asian markets

Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has gained 0.5 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US $1835 an ounce.
Iron ore price is 3.1 per cent higher at US$136.29.
Iron ore futures are pointing to a rise of 1.2 per cent.
Light crude is 1 cent lower at US$44.98 a barrel.
One Australian dollar is buying 74.08 US cents.