All sectors close in the black: ASX closes 1.1% higher
It has been a welcome positive day of trade for the Australian share market which opened higher and closed 1.1 per cent higher. Shares in TPG Telecom (ASX:TPM) rose after the ACCC said they would not appeal the merger with Vodafone. Jumbo Interactive (ASX:JIN) saw their shares fall as did Corporate Travel Management (ASX:CTD). 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 70 points higher to finish at 6,396.
Futures market
Dow futures are suggesting a fall of 186 points.
S&P 500 futures are eyeing a fall of 24 points.
The Nasdaq futures are eyeing a fall of 61 points.
And the ASX200 futures are eyeing a 56 point rise tomorrow morning.
Local economic news
January’s balance of goods and services was a surplus of $5.21 billion in seasonally adjusted terms, down on the revised December balance of $5.376 billion – ahead of expectations.
Company news
Alkane Resources (ASX:ALK) has announced that Export Finance Australia will support development of the Dubbo Project. Export Finance Australia is Australia’s Export Credit Agency, 100 per cent owned by the Australian Commonwealth Government, with a mandate to support Australian businesses as they look to develop new Australian export markets, with a focus on the “Critical Minerals” sector. The company's subsidiary, Australian Strategic Materials (ASM), will be working closely with EFA.The Dubbo Project is an advanced polymetallic project with a potential mine life of more than 75 years. Shares in Alkane Resources (ASX:ALK) closed 2.5 per cent higher at $0.83.
The Australian Competition and Consumer Commission will not appeal the Federal Court’s recent decision that the proposed merger between TPG Telecom (ASX:TPM) and Vodafone Hutchison Australia (ASX:HTA) would not substantially lessen competition.
Azerbaijan International Operating Co. has awarded Worley (ASX:WOR) a contract for engineering, procurement and construction services as part of a gas lift project. They are operated by BP.
Myer Holdings (ASX:MYR) has reported a 36.5 per cent drop in first half profit to $24.4 million. Sales dropped 3.8 per cent to $1.6 billion. Online sales up 25.2 per cent to $168.2 million, now representing 10.5 per cent of total sales.
Best and worst performers
The best performing sector was Healthcare adding 2.7 per cent while the worst performing sector was Industrials, gaining the least at 0.2 per cent.
The best performing stock in the S&P/ASX 200 was TPG Telecom (ASX:TPM), rising 9.6 per cent to close at $8.25. Shares in Elders (ASX:ELD) and Graincorp (ASX:GNC) followed higher.
The worst performing stock in the S&P/ASX 200 was Jumbo Interactive (ASX:JIN), dropping 7.7 per cent to close at $9.88. Shares in Corporate Travel Management (ASX:CTD) and G8 Education (ASX:GEM) followed lower.
Asian markets
Higher: Japan’s Nikkei has added 0.8 per cent, Hong Kong’s Hang Seng has gained 1.3 per cent and the Shanghai Composite has added 1.6 per cent.
Commodities and the dollar
Gold is trading at US$1,640 an ounce.
Iron ore price is 2.8 per cent higher at US$90.99.
Iron ore futures are pointing to a rise of 2.3 per cent.
Light crude is US$0.59 up at US$47.37 a barrel.
One Australian dollar is buying 66.23 US cents.
Copyright 2020 – Finance News Network
Source: Finance News Network
