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

Share this post

Related Posts

29Jul

Downer EDI secures $324m in contracts: Aus shares 0.1% lower at noon

29 Jul 2020 - The Australian share market started to lift steadily after opening in the red at the open on the back of a Wall Street dip amid low consumer confidence in the US, dropping again on the ABS’s announcement that the Consumer Price Index has fallen to the lowest level in history amid the coronavirus pandemic. Downer EDI (ASX:DOW) has secured $324 million in several contracts across the power generation, oil and gas, and industrial sectors.

Read More
23Mar

Energy sector leads the losses: ASX closes the day 0.1% lower

23 Mar 2021 - At the closing bell the S&P/ASX 200 index closed 7 points lower, or 0.1 per cent lower to finish at 6,745. Airtasker (ASX:ART) started trading today. E-Health SaaS company Respiri (ASX:RSH) is pleased to report the US Food and Drug Administration has cleared wheezo for sale in the US.

Read More
10Nov

Jump in US yields puts pressure on equity markets

10 Nov 2023 - The S&P 500 fell Thursday breaking an eight day winning streak as rising yields shook investor confidence.

Read More
12Apr

Markets bounce back from inflation led sell off

12 Apr 2024 - Tech stocks led the market back into positive territory after the previous sessions inflation led sell off after the March PPI number came in below estimates providing a positive data point for inflation concerns.

Read More
20Sep

Wall St slides, UBS’ take on iron ore, Why FMG & Rio is a sell: ASX to fall

20 Sep 2021 - Mixed markets around the globe as Wall St climbs the wall of worries. Iron ore prices pushed miners lower in Europe and locally. Asian markets rallied after China’s central bank injects liquidity on mounting concerns on Evergrande. Deep dive in UBS' take on Fortescue Metals (ASX:FMG) and Rio Tinto (ASX:RIO) after their downgrade.

Read More
29Jun

Servcorp (ASX:SRV) to close 12 US locations: Aus shares 1.2% lower at noon

29 Jun 2020 - The Australian share market opened lower for the week's first day of trade and is now trading 1.2 per cent lower at noon. Servcorp (ASX:SRV) will close of 12 offices in the United States of America (USA) due to restructuring.

Read More
17Feb

UBS raises TPG (ASX:TPM) target price following merger approval: Aus market closes 1.1% lower

17 Feb 2020 - A bullish run in the back half of the session has boosted the market. However, it wasn’t enough to counteract this morning’s losses. The market closed 0.1% lower today. A subsidiary of GR Engineering Services (ASX:GNG) has secured an agreement with the Department of Industry, Science, Energy and Resources of the Australian Government.

Read More
02Mar

Current account surplus increased to $14.5b: ASX tracking 0.4% higher at noon

02 Mar 2021 - The ASX opened higher. The S&P/ASX 200 index is 25 points up or 0.4% higher at 6,814. On the futures market the SPI is 26 points higher. The Flight Centre Travel Group (ASX:FLT) has been approved to extend the short-term GBP 65 million loan it received last year under the Bank of England.

Read More
18Jun

ASX to defy lackustre Wall St: Aus shares to open higher

18 Jun 2021 - The Australian sharemarket is poised to bounce back from yesterday’s lows, in contrast with Wall Street’s lacklustre signals. The Dow Jones Industrial Average extended its losses for a second day, in response to the Federal Reserve’s decision to push ahead its tightening monetary strategy in anticipation of rising inflation. The tech-heavy Nasdaq bucked the underperformance trend of other US benchmarks, as tech stocks such as Tesla gained momentum.

Read More
21Sep

Real Estate and banks drag on the market: Aus shares 0.7% lower at noon

21 Sep 2020 - The local sharemarket has opened slightly in the red after falls on Wall Street and in Europe on Friday.

Read More