Bell Potter upgrades a2 Milk (ASX:A2M): Aus shares close 0.5% higher

14Oct

Bell Potter upgrades a2 Milk (ASX:A2M): Aus shares close 0.5% higher

 

The Australian share market managed to carve out gains for its third consecutive session, finishing 0.5 per cent higher. The majority of sectors closed in the green with Energy outperforming the market. The eagerly-anticipated Home Consortium (ASX:HMC) listed today and Westgold Resources (ASX:WGX) released an update.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 36 points higher to finish at 6,643.

Broker moves

Bell Potter have upgraded the a2 Milk Company (ASX:A2M) from a sell to a hold, with a 12-month price target of $12.35. The broker believes the share market has priced in the change in a2 Milk's investment profile. Bell Potter projects the company will start paying dividends to shareholders from the 2021 financial year onwards. Shares in the a2 Milk Company (ASX:A2M) closed 0.5 per cent lower at $12.25.

Futures market

Dow futures are suggesting a rise of 57 points.
S&P 500 futures are eyeing a rise of 5 points.
The Nasdaq futures are eyeing a lift of 10 points.
And the ASX200 futures are eyeing a 37 point rise tomorrow.

Company news

Westgold Resources (ASX:WGX) has released exploration highlights for the period ending 30 September 2019. It says it has advanced its core assets in the Murchison Region through a phase of major capital investment. Its three plants are operating at full capacity and it has brought six underground mines into production. Westgold’s underground mines have been significant past producers with over 6 million ounces of historic production and a further expected four million ounces in remaining total mineral resources. Shares in Westgold Resources (ASX:WGX) closed 9.2 per cent lower at $2.16.

Fisher & Paykel Healthcare (ASX:FPH) has released its new obstructive sleep apnoea mask in the USA.

Sky Network Television (ASX:SKT) has confirmed its broadcast deal with SANZAAR Rugby.

Santos (ASX:STO) is set to acquire a handful of ConocoPhillips’ northern Australian assets US$1.39 billion.

Medication management platform, MedAdvisor (ASX:MDR) has signed a three-year contract with Chemist Warehouse which is expected to generate $5 million.

IPOs

Home Consortium (ASX:HMC) started trading today. Home Consortium is the company that snapped up a number of Masters assets after Woolworths’ failed attempt to enter the home hardware market. Home Consortium is an internally managed property group focussed on ownership, development and management. The IPO found strong after-market support. It issued shares at $3.35 and started trading on the ASX at $3.64 and closed at $3.75.

Best and worst performers of the day:

The best performing sector was Energy adding 2.9 per cent while the worst performing sector was Communication, shedding 1 per cent.

The best performing stock in the S&P/ASX 200 was CYBG (ASX:CYB), rising 12.1 per cent to close at $2.41. Shares in Fisher & Paykel Healthcare Corporation (ASX:FPH) and Costa Group Holdings (ASX:CGC) followed higher.

The worst performing stock in the S&P/ASX 200 was Silver Lake Resources (ASX:SLR), dropping 9.2 per cent to close at 94 cents. Shares in Saracen Mineral Holdings (ASX:SAR) and Gold Road Resources (ASX:GOR) followed lower.

Asian markets 

Japan’s Nikkei is closed. Hong Kong’s Hang Seng has added 1 per cent and the Shanghai Composite has gained 1.4 per cent.

Commodities and the dollar

Gold is trading at US$1,487 an ounce.
Iron ore price rose 0.1 per cent to US$93.76.
Iron ore futures are pointing to a fall of 0.1 per cent.
Light crude is US$1.22 higher at US$54.78 a barrel.
One Australian dollar is buying 67.85 US cents.
 
Copyright 2019 – Finance News Network


Source: Finance News Network

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