A positive end for the start of the year: ASX closes 0.6% higher
It has been a positive day of trade for the Australian share market the local bourse managed to close 0.6 per cent higher. Shares in Northern Star Resources (ASX:NST) rose today on news they bought all the shares in Kalgoorlie Lake View. Shares in Costa Group Holdings (ASX:CGC) dropped after reports of a tenant suffering fire damage on their berry farm. As for the sectors today Energy closed on top and Utilities fell lower.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 43 points higher to finish at 6,734.
Over the week we closed lower, 0.9 per cent lower or 61 points lower.
Futures market
Dow futures are suggesting a a fall of 174 points
S&P 500 futures are eyeing a fall of 27 points.
The Nasdaq futures are eyeing a fall of 78 points.
And the ASX200 futures are eyeing a 42 point rise for Monday morning.
Company news
The Australian Government’s Takeover Panel has declined to conduct proceedings on an application on behalf of Cromwell Property Group (ASX:CMW) in relation to Cromwell’s affairs. Cromwell submitted that Singaporean ARA Real Estate Investors and related entities amongst others were associated and consequently held a combined, but undisclosed, relevant interest and voting power of up to 35.85 per cent in Cromwell. The Panel considered that Cromwell did not provide a sufficient body of material to justify the Panel making further enquiries as to whether there were any associations between the ARA Group and the other persons alleged by Cromwell to be associated with the ARA Group. The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Shares in Cromwell Property Group (ASX:CMW) closed 1.3 per cent higher at $1.18.
Vitalharvest Freehold Trust (ASX:VTH) who leases assets to Costa Group Holdings (ASX:CGC) says they packing shed at Tumbarumba berry farm has been damaged by bushfires. Vitalharvest owns Australia’s largest citrus and berry portfolio and understands that the Dunns Road fire, which has burnt over 130,000ha of land, has not materially impacted their plants.
Northern Star Resources (ASX:NST) has successfully completed the acquisition of all the shares in Kalgoorlie Lake View, which holds a 50 per cent interest in Kalgoorlie Consolidated Gold Mines. They acquired the interest in KCGM, which owns the Kalgoorlie Super Pit gold mine, from Newmont Goldcorp Corporation.
IAG (ASX:IAG) has finalised its catastrophe reinsurance program for the 2020 calendar year, increasing its gross reinsurance protection to up to $10 billion – last year it was $9 billion.
Best and worst performers of the day
The best performing sector was Energy adding 1.7 per cent while the worst performing sector was Utilities, losing the least at 0.02 per cent.
The best performing stock in the S&P/ASX 200 was Northern Star Resources (ASX:NST), rising 5.8 per cent to close at $11.92. Shares in Silver Lake Resources (ASX:SLR) and SkyCity Entertainment (ASX:SKC) followed higher.
The worst performing stock in the S&P/ASX 200 was Evolution Mining (ASX:EVN), dropping 2.3 per cent to close at $3.67. Shares in NRW Holdings (ASX:NWH) and AfterPay Touch Group (ASX:APT) followed lower.
Asian markets
Lower: Japan’s Nikkei is closed, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has lost 0.3 per cent.
Wall Street closed higher this week The Dow Jones gained 0.8 per cent, S&P has gained 0.6 per cent and the NASDAQ has gained 0.9 per cent.
Commodities and the dollar
Gold is trading at US$1,541 an ounce.
Iron ore futures are pointing to a rise of 1.8 per cent.
Light crude is US$1,86 up at US$63.04 a barrel.
One Australian dollar is buying 69.60 US cents.
Copyright 2020 – Finance News Network
Source: Finance News Network
