A great session on the markets jumping up in afternoon trade: ASX closed 7 per cent higher

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30Mar

A great session on the markets jumping up in afternoon trade: ASX closed 7 per cent higher

 

It has been a mostly positive day of trade for the Australian share market after managing to gain momentum the local bourse managed to close 7 per cent higher. Mayne Pharma (ASX:MYX) shares saw a rise today as did Ansell (ASX:ANN) shares perform well after the affirmed their guidance as demand jumps for protective wear. As for the sectors today healthcare led the day and Industrials fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 339 points higher to finish at 5,181..

Futures market

Dow futures are suggesting a rise of 168 points.
S&P 500 futures are eyeing a rise of 22 points.
The Nasdaq futures are eyeing a lift of 59 points.
And the ASX200 futures are eyeing a 346 point rise tomorrow morning.

Broker moves

UBS rates Alumina (ASX:AWC) as an Upgrade to Neutral from a Sell. The broker envisages short-term headwinds, amid disruptions to secondary demand for aluminium. As China returns to work the risk is that demand for finished goods by the rest of the world will not be sufficient to support sustained production. The broker remains concerned that aluminium in Europe and India is entering a period of extended lock-down and restriction. Target is reduced to $1.50 from $1.90. Shares in Alumina (ASX:AWC) closed 8.7 per cent higher at $1.57.

Company news

Cyclopharm (ASX:CYC) through its subsidary Cyclomedica Australia, has lodged its New Drug Application (NDA) for Technegas®, a nuclear medicine functional lung ventilation imaging agent, with the United States Food and Drug Administration (USFDA). CEO Mr James McBrayer said “This is a tremendous milestone and achievement for the Company. He has been been working towards this submission since joining Cyclopharm in 2008. Technegas®, is a a life saving innovative Australian technology, to be available in 59 countries throughout the world and soon to be the United States. The US is the largest nuclear medicine market in the world. Cyclopharm estimates the size of the US market for Technegas® in diagnosing the presence of Pulmonary Embolism (PE) to be US$90 million in sales per annum. We expect to gain a 50 per cent share of this market in the first 2 to 3 years, rising to 80 per cent over 5 to 7 years. Shares in Cyclopharm(ASX:CYC) c;losed 16.3 per cent higher at $1.

Fortescue Metals Group Ltd (ASX:FMG) shipments continue from Port Hedland as scheduled with mining, processing and shipping activity remaining in line with our guidance for FY20. Shipments are towards the upper end of our guided range of 170 – 175 mt.

Speedcast International (ASX:SDA) has reported an NPAT loss of US$460 million for 2019 including non-cash impairment charges and write-downs. Revenue is up 18 per cent to $US722.3 million on the same corresponding period.

Yancoal’s (ASX:YAL) wholly owned subsidiary, Yancoal Moolarben has entered into a binding agreement to buy a 10 per cent stake in the Moolarben Coal Joint Venture – currently owned by Sojitz Corporation. This is for $300 million in completion and deferred cash payments.

Best and worst performers 

The best performing sector was healthcare adding 11.4 per cent while the worst performing sector was Industrials gaining the least at 3.5 per cent.

The best performing stock in the S&P/ASX 200 was Mayne Pharma (ASX:MYX) rising 126.9 per cent to close at $0.33. Shares in Ansell (ASX:ANN) and Estia Health (ASX:EHE) followed higher.

The worst performing stock in the S&P/ASX 200 was Perenti Global (ASX:PRN), dropping 7 per cent to close at $0.53. Shares in NRW Holdings (ASX:NWH) and Afterpay touch group (ASX:APT) followed lower.

Asian markets
Lower: Japan’s Nikkei has lost 3.2 per cent, Hong Kong’s Hang Seng has lost 1.1 per cent and the Shanghai Composite has lost 1.3 per cent.

Commodities and the dollar

Gold is trading at US$1,614 an ounce.
Iron ore price has lost 0.5 per cent at US$86.36.
Iron ore futures are pointing to a fall of 4 per cent.
Light crude is US$0.47 up at US$33.92 a barrel.
One Australian dollar is buying 61.49US cents
 
Copyright 2020 – Finance News Network


Source: Finance News Network

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