All sectors close in positive territory: ASX closed 0.5% higher

 

It has been a positive day of trade for the Australian share market with gains across the board – after a rise at the open the local bourse managed to track sideways to close 0.5 per cent higher. Mayne Pharma (ASX:MYX) shares did well today as they recently made moves into the US market. Shares in Silver Lake Resources (ASX:SLR) didn’t do so well today. As for the sectors, they all closed in positive territory with Consumer Discretionary leading the pack.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 30 points higher to finish at 6,593.

Futures market

Dow futures are suggesting a rise of 80 points.
S&P 500 futures are eyeing a rise of 7 points.
The Nasdaq futures are eyeing a lift of 27 points.
And the ASX200 futures are eyeing a 0.4 per cent lift for tomorrow morning.

Local economic news

Business conditions recorded a sixth consecutive below-average month, pointing to ongoing weakness in the business sector. Business conditions rose 1 point in September to +2 index points. This continues the below average run of business conditions but suggests that the trend weakening since mid-2018 has slowed.

Company news

MOD Resources (ASX:MOD) reports that the Supreme Court of Western Australia today made orders approving the scheme of arrangement by which Sandfire Resources NL (ASX:SFR) will acquire all of their issued shares. It is expected that a copy of the Court’s orders will be lodged with ASIC tomorrow, at which time the Scheme will become legally effective. If this occurs, MOD’s shares will be suspended from trading tomorrow. Shares in Sandfire Resources NL (ASX:SFR) closed 3 per cent higher at $6.47.

As Baby Bunting (ASX:BBN) celebrates their 40th year they report their financial year 2020 earnings guidance remains unchanged. Pro forma NPAT is expected to be in the range of $20.0 million to $22.0 million.Gross profit margin continues to strengthen to above 36 per cent. Later this year they have their second shopping centre store opening in Westfield Doncaster. Shares in Baby Bunting (ASX:BBN) closed 5.9 per cent lower at $3.50.

ANZ (ASX:ANZ) will take a $559 million hit to its second half 2019 Cash Profit as a result of increased provisions for customer related remediation. Within the group's continuing operations, remediation charges for the second half of 2019 will be e $405m after-tax.

Oil and gas giant Santos (ASX:STO) has announced that the initial flow test of the Caley reservoir in Western Australia has confirmed the main oil pool in the field is capable of producing flow rates at the higher end of pre-drill expectations. The Caley reservoir is part of the Dorado-3 appraisal well.

City Chic’s (ASX:CCX) US$16.5 million acquisition of the e-commerce assets of American clothing chain Avenue has been given the green light from the US Bankruptcy Court. The company sells plus size apparel and filed for bankruptcy in August.

SeaLink Travel Group (ASX:SLK) is set to purchase Transit Systems for $635 million in a move to turn the company into one of Australia’s leading multi-modal transport providers.

Best and worst performers 

The best performing sector was Consumer Discretionary adding 0.96 per cent while the worst performing sector was Real Estate Investment Trust, gained the least at 0.05 per cent.

The best performing stock in the S&P/ASX 200 was Mayne Pharma (ASX:MYX), rising 8.04 per cent to close at $0.60. Shares in Collins Foods (ASX:CKF) and HUB24 (ASX:HUB) followed higher.

The worst performing stock in the S&P/ASX 200 was Silver Lake Resources (ASX:SLR), dropping 3.7 per cent to close at $0.91. Shares in Gold Road Resources (ASX:GOR) and Speedcast International (ASX:SDA) followed lower.

Asian markets

higher: Japan’s Nikkei has added 1 per cent, Hong Kong’s Hang Seng has added 0.7 per cent and the Shanghai Composite has gained 0.8 per cent.

Commodities and the dollar

Gold is trading at US$1,491 an ounce.
Iron ore futures are pointing to a rise of 1.8 per cent.
Light crude is US$0.05 up at US$52.80 a barrel.
One Australian dollar is buying 67.48 US cents.
 
Copyright 2019 – Finance News Network

Source: Finance News Network