Aurizon (ASX:AZJ) completes sale of Acacia Ridge Terminal: Aus shares gain 1.7% over week

Market Reports

by Katrina Bullock

A strong end to the week for the Australian share market. The ASX 200 index ended the day 0.5 per cent or 34 points higher to finish at 6,824. Over the week, the market has gained 116 points or 1.7 per cent. All of the sectors rose over the week, except Tech stocks. Healthcare was the star performer, up over 5 per cent. Meanwhile, the Aussie dollar has sunk to a 3-month low.

Futures

Dow futures are suggesting a rise of 95 points.
S&P 500 futures are eyeing a rise of 16 points.
The Nasdaq futures are eyeing a lift of 78 points.
And the ASX200 futures are eyeing a 44 point rise on Monday morning.

Broker move

Credit Suisse rates Newcrest Mining (ASX:NCM) as an Outperform, with a price target of $29.60. The broker believes Newcrest Mining has a superior resource base to its peers which includes undeveloped resources that will provide production growth and increase operating diversification. Shares in Newcrest Mining (ASX:NCM) are trading 1.3 per cent lower at $24.92.

Company news

Rail freight operator Aurizon Holdings (ASX:AZJ) has completed the sale of its Acacia Ridge Terminal to Pacific National for $205 million. All sale conditions have been satisfied, and the final $170 million payment hit Aurizon’s account today. This marks the end of a long battle to get the transaction over the line following intense opposition from the Australian Competition and Consumer Commission. Shares in Aurizon Holdings (ASX:AZJ) closed 0.8 per cent lower at $3.88.

News Corporation (ASX:NWS) has penned a conditional deal to buy the Investor’s Business Daily finance and news platform for $275 million.

Contracting group MACA (ASX:MLD) has secured a hire and maintenance contract for CITIC Pacific Mining Management worth $200 million in revenue over its 36-month term.

Sky New Zealand (ASX:SKT) has commenced a process to sell 2 of the 3 buildings at its Mount Wellington site.

Shares in TPG Telecom (ASX:TPG) slid this morning after the surprising announcement that its founder David Teoh has resigned as a director and chairman of the board.

IPOs

Pet minding platform, Mad Paws (ASX:MPA) started trading today. It floated with an issue price 20 cents, opened at 28.5 cents and closed at 24 cents.

Wall Street

Wrapped up our four trading days this week mostly lower: The Dow Jones has been steady, The S&P 500 shed 0.1 per cent and the Nasdaq lost 1.8 per cent.

Best and worst performers of the day

The best performing sector was Communications adding 1.3 per cent while the worst performing sector was Healthcare, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), rising 9.5 per cent to close at $1.03. Shares in Austal (ASX:ASB) and Reece (ASX:REH) followed higher.

The worst performing stock in the S&P/ASX 200 was TPG Telecom (ASX:TPG), dropping 6.7 per cent to close at $6.41. Shares in Polynovo (ASX:PNV) and Auckland International (ASX:AIA) followed lower.

Asian markets

higher: Japan’s Nikkei has added 1.6 per cent, Hong Kong’s Hang Seng has added 1.4 per cent and the Shanghai Composite has gained 1.4 per cent.

Commodities and the dollar

Gold is trading at US$1,726 an ounce.
Iron ore price fell 0.2 per cent to US$167.05.
Iron ore futures are pointing to a rise of almost 2 per cent.
Light crude is US$0.51 higher at US$56.81 a barrel.
One Australian dollar is buying 76.18 US cents.