Beach Energy (ASX:BPT) shares fell after disappoiniting hydrocarbon results: ASX closed 0.5% higher

Market Reports

by Rachael Jones

The Australian sharemarket had a strong day today following on from Wall Street boosted by the United States passing its long-awaited Covid-19 stimulus bill. The local sharemarket managed to close 36 points up or 0.5 per cent higher at 6,700. Shares in Platinum Asset Management (ASX:PTM) fell as it was reported Joseph Lai resigned as head of its Asia strategy. Shares in Beach Energy (ASX:BPT) are down after they reported no significant hydrocarbon shows were encountered in the target sandstones at the Ironbark 1 exploration well offshore WA.

Futures

The Dow futures are suggesting a rise of 158 points. S&P 500 futures are eyeing a rise of 15 points. The Nasdaq futures are eyeing a lift of 35 points. And the SPI futures are eyeing a gain of 45 points tomorrow morning.

Company news

Employee experience company Limeade (ASX:LME) has signed a US$2.3 million annual subscription contract with the University of Texas System. The university will offer the Company’s web-based and mobile well-being solution for all System employees, across 14 institutions. The UT System is one of the largest employers in the state of Texas. Shares in Limeade (ASX:LME) closed 2.3 per cent higher at $1.57.

Nuheara (ASX:NUH) has signed an agreement to manufacture HP branded products for American multinational information technology company HP Inc (NYSE:HPQ).

Asset management firm Pacific Current Group (ASX:PAC) has entered into an agreement to purchase a minority stake in Astarte Capital Partners LLP.

Best and worst performers

The best-performing sector is Information Technology closing 2.1 per cent higher while the sector trailing behind was Utilities dropping 0.04 per cent.
The best performing stock in the S&P/ASX 200 is Omni Bridgeway (ASX:OBL) rising 6.2 per cent to $4.12, followed by shares in The A2 Milk company (ASX:A2M) and Afterpay (ASX:APT).
The worst performing stock in the S&P/ASX 200 was Beach Energy (ASX:BPT) dropping 4.3 per cent to $1.79, followed by shares in IDP Education (ASX:IEL) and Reliance Worldwide (ASX:RWC).

Asian markets mixed

Japan’s Nikkei has gained 2.2 per cent Hong Kong’s Hang Seng has added 1.1 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities

Gold is trading at US$1,878 an ounce.
Iron ore has lost 0.7 per cent to $162.24.
Iron ore futures are suggesting a fall of 3.1 per cent.
Light crude has added $0.18 cents to $47.45.
One Australian dollar is buying 75.95US cents.