China-US trade talks to resume next month: ASX closed 0.9% higher
It has been a positive day of trade for the Australian share market, closing 0.9 per cent higher. Nanosonics (ASX:NAN) saw their shares rise up over 5 per cent as did CSR (ASX:CSR) and Pinnacle (ASX:PNI). Pilbara Minerals (ASX:PLS) share price dropped after returning from a trading halt for an equity raising. CYBG (ASX:CYB) shares price collapsed after announcing they would increase the costs for the PPIs.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 60 points higher to finish at 6,613.
Futures market
Dow futures are suggesting a rise of 272 points.
S&P 500 futures are eyeing a rise of 23 points.
The Nasdaq futures are eyeing a lift of 82 points.
And the ASX200 futures are eyeing a 1.2 per cent rise tomorrow morning.
Economic news
The Australian Bureau of Statistics released the international trade in Goods and Services. In seasonally adjusted terms, the balance was a surplus of $7.27 billion in July 2019, a decrease of $709 million on the surplus in June 2019. This beat market expectations of $7 billion.
Company news
Wesfarmers (ASX:WES) notes that Kidman Resources (ASX:KDR) shareholders today voted in favour of a takeover. Wesfarmers will acquire 100 per cent of the issued ordinary shares in Kidman for $1.90 cash per share. Wesfarmers Managing Director Rob Scott says the approval is one of the most important milestones in our proposed acquisition of Kidman and subsequent participation in the development of the Mt Holland Lithium Project. Shares in Wesfarmers (ASX:WES) are 1.7 per cent higher at $39.21.
The CYBG (ASX:CYB) board expects to increase its provisions for PPI costs by between £300 million and £450 million. PPI is a protection insurance product which was aggressively sold by most of the large UK banks to people who either did not need it or could never claim against it.
TPG Telecom (ASX:TPM) has today announced its results for its financial year ended 31 July 2019 showing net profit down 56.1 per cent to $173.8 million. The results are heavily impacted by the Group’s decision to scrap rollout of its Australian mobile network in January 2019.
The Board of Cann Global (ASX:CGB) have signed an exclusive distributorship contract in Vietnam with EPCO Foods Co for their T12 Food Division. They are developing an additional hemp seed food range for the Company.
Best and worst performers
The best performing sector was Consumer Staples adding 2.3 per cent while the worst performing sector was Real Estate Investment Trust, shedding 0.01 per cent.
The best performing stock in the S&P/ASX 200 was Emeco Holdings (ASX:EHL), rising 9.1 per cent to close at $2.03. Shares in Nanosonics (ASX:NAN) and Pinnacle Investment Management Group (ASX:PNI) followed higher.
The worst performing stock in the S&P/ASX 200 was CYBG(ASX:CYB), dropping 20.3 per cent to close at $1.99. Shares in Whitehaven Coal (ASX:WHC) and Pilbara Minerals (ASX:PLS) followed lower.
Asian markets
higher:Japan’s Nikkei has added 2.5 per cent, Hong Kong’s Hang Seng has added 0.2 per cent and the Shanghai Composite hasgained 1.7 per cent.
Commodities and the dollar
Gold is trading at US$1,545 an ounce.
Iron ore price rose 2.4 per cent to US$91.32
Iron ore futures are pointing to a rise of 3.2 per cent.
Light crude is US$2.04 up at US$55.98 a barrel.
One Australian dollar is buying 68.14 US cents.
Copyright 2019 – Finance News Network
Source: Finance News Network
