IPO frenzy: Aus shares close 0.3% higher

Market Reports

by Katrina Bullock

The ASX200 gained momentum throughout the day to close 0.3 per cent higher, with investors choosing to pick up banks and energy stocks ahead of the weekend. That marks the fifth week of gains for the index. At the closing bell the S&P/ASX 200 index closed 19 points higher to finish at 6,634. Over the week, the market has gained 33 points or 0.5 per cent.

Futures market

Dow futures are suggesting a rise of 55 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing a lift of 33 points.
And the ASX200 futures are eyeing a 18 point rise on Monday morning.

Economic news

Today, the Australian Bureau of Statistics reported that retail trade rose 1.4 per cent month on month in October, and was up 7.1 per cent compared to October of last year.

Broker moves

Citi rates Wesfarmers (ASX:WES) as a sell, with a price target of $44.00. The conglomerate owns major brands like Bunnings, Kmart Group and Officeworks.Citi has a strong preference for grocery and housing-related retailers currently and prefers Harvey Norman Holdings (ASX:HVN) and Metcash (ASX:MTS) over Wesfarmers (ASX:WES). Shares in Wesfarmers (ASX:WES) closed 0.6 per cent lower at $49.44.

Company news

Perenti Global (ASX:PRN) has appointed Justine Passaportis as Company Secretary with effect from today. Ms Passaportis joined the company last January as Senior Legal Counsel. This follows the resignation of Strati Gregoriadis as Company Secretary. Shares in Perenti Global (ASX:PRN) closed 1.1 per cent higher at $1.45.

Medicinal cannabis shares have rallied after the United Nations reclassified cannabis as a less dangerous drug. Aussie company Roots Sustainable Agriculture Technologies (ASX:ROO) says it expects a “significant ramp up in industry activity”. Its CEO and Chairman, Boaz Wachtel said: “the UN ruling to declassify cannabis is a landmark decision and paves the way for the relaxing of cannabis drug classifications in large markets across the world”.

Global property giant Unibail-Rodamco-Westfield (ASX:URW) is set to repurchase 544.9 million Euros worth of bonds.

Beacon Lighting Group (ASX:BLX) has established a property fund and acquired its first property.

Subscription-based meal kit provider Marley Spoon (ASX:MMM) has renewed its service agreement with CEO and founder Fabian Siegel.

IPOs

Doctor Care Anywhere Group (ASX:DOC) floated with an issue price of $0.80, opened at $1.10 and closed at $0.93 The UK based company offers virtual medical practitioner services.

Constructions company MAAS Group Holdings (ASX: MGH) floated with an issue price of $2.00, opened at $2.40 and closed at $2.71.

Junior mineral explorer, Prospech (ASX:PRS) floated with an issue price of $0.20, opened at $0.24 and closed at $0.22.

Investigative analytics and intelligence software provider Nuix (ASX:NXL) also began trading. It floated with an issue price of $5.31, opened at $8.50 and closed at $8.01.

Best and worst performers of the day

The best-performing sector was Financials, adding 0.8 per cent, while the worst-performing sector was Industrials, shedding 0.5 per cent.

The best-performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC), rising 8.1 per cent to close at $41.99. Shares in Janus Henderson Group (ASX:JHG) and PolyNovo (ASX:PNV) followed.

The worst-performing stock in the S&P/ASX 200 was Regis Resources (ASX:RRL), dropping 4.3 per cent to close at $3.77. Shares in Qantas Airways (ASX:QAN) and IDP Education (ASX:IEL) followed.

Asian markets

Japan’s Nikkei has lost 0.3 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has lost 0.4 per cent.

Wall Street

Wall Street wrapped up our four days of trading higher. The Dow Jones gained 0.2 per cent, the S&P500 gained 0.8 per cent and the tech-heavy Nasdaq gained 1.4 per cent.

Commodities and the dollar

Gold is trading at US $1841 an ounce.
Iron ore price is 0.6 per cent higher at US$137.08.
Iron ore futures are pointing to a rise of 3.2 per cent.
Light crude is 57 cents higher at US$45.57 a barrel.
One Australian dollar is buying 74.27 US cents. 

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