President Trump impeached for the 2nd time: ASX closes 0.4% higher

Market Reports

by Melissa Darmawan

It has been a positive day of trade for the Australian share market. After opening higher, the market slightly dipped and then rallied throughout the day to end 0.4 per cent higher. Over in the US, President Donald Trump was impeached by the House of Representatives for the second time.

At the closing bell the S&P/ASX 200 index closed 29 points higher, or 0.4 per cent higher to finish at 6,715.

Futures Market

Dow futures are suggesting a rise of 113 points.
S&P 500 futures are eyeing a rise of 9 points.
The Nasdaq futures are eyeing fall of 19 points.
ASX200 futures are eyeing a 33 point rise.

Company news

Radiopharmaceutical company, Cyclopharm (ASX:CYC) are on track to obtain approval to begin sales of Technegas in the United States. Technegas is a lung ventilation imaging agent inhaled by a patient suspected to have pulmonary embolism and may also have applications to fight against Covid-19. With the US in the grips of another surge in Covid-19 cases, a group of frontline healthcare professionals have implored the United States Food and Drug Administration (USFDA) to fast track the approval of Technegas. The company also reports that despite revenues impacted by Covid-19, sales have rebounded in the second half with total FY20 revenue expected to be in-line with that of FY19 at approximately $14 million. Shares in Cyclopharm (ASX:CYC) closed 6.8 per cent higher at $2.52.

The subsidiary of health imaging company Pro Medicus (ASX:PME), Visage Imaging, is set to sign a seven year contract with US healthcare company Intermountain Healthcare for $40 million.

Pilbara Minerals (ASX:PLS) has raised approximately $60.6 million for their retail entitlement offer to help support the acquisition of all the shares in Altura Lithium Operations.

Whitehaven Coal (ASX:WHC) has released their tightened financial 2021 guidance following an increase in sales in the December 2020 quarter.

Piedmont Lithium (ASX:PLL) has announced four new appointments to its senior management team as they look to become a domestic producer of lithium hydroxide for the North American battery markets.

Best and worst performers of the day

The best performing sector was information technology adding 4.7 per cent while the worst performing sector was materials lost 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Pro Medicus (ASX:PME), rising 14.98 per cent to close at $36.53. Shares in Afterpay (ASX:ABP) and Incitec Pivot (ASX:IPL) followed higher.

The worst performing stock in the S&P/ASX 200 was Adbri (ASX:ABC),dropping 4.9 per cent to close at $3.10. Shares in Abacus Property (ASX:ABP) and Premier Investments (ASX:PMV) followed lower.

Asian markets

Japan’s Nikkei has added 1.8 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,841 an ounce.
Iron ore price fell 1.5 per cent to US$170.11. Its futures are pointing to a rise of 0.5 per cent.
Light crude is US$0.13 down at US$50.93 a barrel.
One Australian dollar is buying 77.49 US cents. 

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