Citi downgrade Domino’s Pizza Enterprises (ASX:DMP): Aus shares close 0.9% higher

 

The Australian share market jumped in the first 10 minutes of trade and tracked sideways for most of the day to finish 0.9 per cent higher at the close. This came off the back of positive sentiment in foreign markets as we see glimmers of hope for a potential Brexit deal and a possible end to the China-US trade war. Materials, Healthcare and Telecommunications led the charge today with all of the sectors except Industrials making gains. 

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 60 points higher to finish at 6,607.

Over the week, the market has gained 90 points or 1.4 per cent.

Broker moves

Citi maintains a buy rating on transport and logistics company, Brambles (ASX:BXB) with a 12 month price target of $13.30. The broker says the latest trading update demonstrate top-line strength despite a soft global environment. Brambles reported revenue growth of 5 per cent. This was largely attributed to price increases which appear to be sticking and new contracts gained across major geographies. Shares in Brambles (ASX:BXB) closed 2.1 per cent higher at $11.64.

Citi has downgraded Domino’s Pizza Enterprises (ASX:DMP) from a buy to a neutral, with a 12 month price target of $46.40. Following a 28 per cent rise in the share price, the broker says the business has good prospects, but they have been factored into the share price. Shares in Domino’s Pizza Enterprises (ASX:DMP) closed 2.2 per cent higher at $48.69.

Futures markets 

Dow futures are suggesting a rise of 127 points.
S&P 500 futures are eyeing a rise of 15 points.
The Nasdaq futures are eyeing a lift of 51 points.
And the ASX200 futures are eyeing a 58 point rise on Monday morning.

Company news

Sky Network Television (ASX:SKT) has responded to media speculation that it has secured the SANZAAR rugby rights from 2021. It says that “It is well known that Sky is keen to retain the rights and is in ongoing negotiations and at this time there is nothing to report. Shares in Sky Network Television (ASX:SKT) closed 0.6 per cent higher at 84 cents.

Katie Bickford has resigned from the board of Brisbane Broncos (ASX:BBL) signalling a return to an all-male board of directors at the club.

Air New Zealand (ASX:AIZ) has appointed Greg Foran as the airline’s next Chief Executive Officer. He is currently CEO and President of US retail giant Walmart.

Krakatoa Resources (ASX:KTA) has exercised its option to acquire the Belgravia Project from Locksley Holdings.

Real estate giant APN Convenience Retail (ASX:AQR) is seeking to raise $38 million via an institutional placement to acquire 13 service station and convenience retail properties across the country.

Best and worst performers of the day

The best performing sector was Materials adding 1.3 per cent while the worst performing sector, and the only one in the red was Industrials, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Silver Lake Resources (ASX:SLR), rising 12.5 per cent to close at $1.03. Shares in CYBG (ASX:CYB) and Iluka Resources (ASX:ILU) followed higher.

The worst performing stock in the S&P/ASX 200 was Netwealth Group (ASX:NWL), dropping 5.5 per cent to close at $8.69. Shares in Nufarm (ASX:NUF) and Clinuvel Pharmaceuticals (ASX:CUV) followed lower.

IPOs

Magellan High Conviction Trust (ASX:MHH) started trading today. The global equities investment trust floated with an issue price of $1.50, opened at $1.50 and closed at $1.50. 

Asian markets

Higher: Japan’s Nikkei has added 1.2 per cent, Hong Kong’s Hang Seng has added 2.4 per cent and the Shanghai Composite has gained 0.5 per cent.

Wall Street

Wrapped up our four trading days this week mixed: The Dow Jones added 0.7 per cent, The S&P 500 lost 0.5 per cent and the tech heavy Nasdaq lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,494 an ounce.
Iron ore price rose 2.9 per cent to US$93.68.
Iron ore futures are pointing to a fall of 0.7 per cent.
Light crude is US$0.31 up at US$53.87 a barrel.
One Australian dollar is buying 67.78 US cents.
 
Copyright 2019 – Finance News Network

Source: Finance News Network