Fourth consecutive day of gains: ASX closes 0.8% higher

04Jun

Fourth consecutive day of gains: ASX closes 0.8% higher

 

It has been a positive day of trade for the Australian share market hitting four consecutive days of gains. With a sell off around lunchtime the local bourse managed to close 0.8 per cent higher. Shares in Unibail-Rodamco-Westfield (ASX:URW) are on the up as shopping restrictions in Europe ease. Shares in Nufarm (ASX:NUF) meanwhile are declining. As for the sectors today Healthcare led the day and Energy fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 50 points higher to finish at 5,992.

Futures market

Dow futures are suggesting a fall of 29 points.
S&P 500 futures are eyeing a fall of 8 points.
The Nasdaq futures are eyeing a dip of 14 points.
And the ASX200 futures are eyeing a 67 point rise tomorrow morning.

Local economic news

Australian retail turnover fell 17.7 per cent in April 2020, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) due to Covid-19.

The trade surplus was $8.8 billion compared to consensus expectations for a $7.5 billion surplus. Exports were down 11 per cent in April, while imports were down 10 per cent.

Company news

Macmahon Holdings (ASX:MAH) has secured an expansion and three year extension of its work at the Byerwen coking coal mine in Queensland’s Bowen Basin. Macmahon has been providing open cut mining services at Byerwen since the establishment of the mine in November 2017, and employs more than 430 people on site. The mine is owned by Byerwen Coal Pty Ltd, a joint venture between QCoal Group and Japanese steel manufacturer, JFE Steel. If the contract is extended revenue could exceed $1 billion. Shares in Macmahon Holdings (ASX:MAH) closed flat at $0.27.

Splitit Payments (ASX:SPT) record monthly Merchant Sales Volume (MSV) of US$25.8 million in May, up 321 per cent compared to May 2019 and up 39 per cent compared to April 2020. The Company’s strong performance is the result of new large merchants being onboarded in 2020, consumers increasingly adopting Splitit’s solution to better manage their cash flow, and the growing shift to eCommerce.

Primewest (ASX:PWG) has acquired an 8.3 per cent strategic interest in Clime Investment Management Limited (ASX:CIW) via an underwritten placement. The proceeds of the placement will be used by Clime to acquire a financial planning group, Madison Financial Group. across all mainland states of Australia and in the west coast of the USA.

Evolution Mining (ASX:EVN) has entered into a binding agreement with Aeris Resources (ASX:AIS) to sell the Cracow gold mine in Queensland for a total consideration of up to $125 million.

Best and worst performers of the day

The best performing sector was healthcare adding 2.7 per cent while the worst performing sector was Energy, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 was Unibail Rodamco Westfield (ASX:URW), rising 12 per cent to close at $5.49. Shares in Corporate Travel Management (ASX:CTD) and McMillan Shakespeare (ASX:MMS) followed higher.

The worst performing stock in the S&P/ASX 200 was Nufarm (ASX:NUF), dropping 11.5 per cent to close at $4.86. Shares in Gold Road Resources (ASX:GOR) and Northern Star Resources (ASX:NST) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has lost 0.1 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,700 an ounce.
Iron ore price is 0.1 down at US$101.22.
Iron ore futures are pointing to a fall of 0.7 per cent.
Light crude is US$0.58 lower at US$37.29 a barrel.
One Australian dollar is buying 69.00US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

02Oct

Select Harvests (ASX:SHV) to snap up Piangil Almond Orchard: Aus shares tipped to open lower

02 Oct 2020 - Aussie shares are tipped to slide at the open following news that the US Republicans and the Democrats are still far from reaching a deal for a fiscal-stimulus package. Demand for oil prices has been dampened by oversupply fears, sluggish economic growth and a resurgence in Covid-19 cases in Europe. Select Harvests (ASX:SHV) has agreed to purchase Piangil Almond Orchard for around $129 million.

Read More
05Mar

Italy blocks vaccine shipment to Australia: Aus shares poised to open lower

05 Mar 2021 - Aussie futures are indicating that the market will start the day in negative territory. This follows a volatile trading session on Wall Street. US markets ended the day lower after US Federal Reserve Chairman Jerome Powell indicated that inflation is likely to rise as the economy recovers. While he forecast that such rises were likely to be temporary, the comments were enough to spook investors and spark a selloff in the equity markets. Childcare and...

Read More
21Jul

Johnson & Johnson helps the Dow jump for ninth consecutive day

21 Jul 2023 - The Dow Jones Industrial Average jumped for a ninth consecutive day overnight. It was the Dow’s best daily winning streak since 2017.

Read More
18Jun

ASX tumbles as unemployment reaches 7.1%: Aus shares down 1.6% at noon

18 Jun 2020 - The Australian share market has been sliding since the open following mostly negative leads from Wall Street. The much-anticipated labour force data revealed that the national unemployed rate climbed to 7.1 per cent in May. All of the sectors except Consumer Staples have seen a sell off this morning. Shares in payment solution provider, Splitit Payments (ASX:SPT) are up almost 44% this mornign after it signed a multi-year agreement with Mastercard (NYSE:MA).

Read More
01Sep

Second wave of European inflation on its way, as energy crisis sees costs spiral

01 Sep 2022 - Stocks fell for a fourth straight day on Wednesday, the last day of August, putting the summer market comeback in doubt as investors weighed the Federal Reserve’s inflation-fighting efforts. The major averages were higher earlier in the day.

Read More
25Jul

NASDAQ momentum snaps: Massive week ahead

25 Jul 2022 - If you think the last couple of weeks have seen a lot of news and action in financial markets, then have we got a BIG week ahead for you. There’s a Federal Reserve rate rise in the US, a high inflation reading from Australia, an economic update Thursday from the Federal Government, the first estimate of American June quarter GDP, inflation and unemployment in the EU and more US earnings in the biggest week of...

Read More
17Dec

Nasdaq hits record high, Dow extends longest losing streak since 2018

17 Dec 2024 - The Dow Jones Industrial Average fell for an eighth consecutive session—its longest losing streak since 2018. In contrast, the Nasdaq Composite surged to a new all-time high, driven by gains in major tech stocks.

Read More
20Jul

Catapult Group (ASX:CAT) records $9 million net free cash: Aus shares 0.6% lower at noon

20 Jul 2020 - The Australian share market crawled up at the open before sliding down and is now trading 0.6 per cent lower at noon. Catapult Group (ASX:CAT) has reported it generated net free cash of $9 million in FY20.

Read More
28Aug

Watershed policy shift for US Fed: Aus shares to open lower

28 Aug 2020 - The SPI futures are pointing to a 0.2% fall at the open following mixed results on Wall Street overnight. US Federal Reserve chairman Jerome Powell announced that the US Fed would adopt a flexible inflation target after years of aiming for less than 2%. Oil fell as Hurricane Laura disrupted production and refining in the US Gulf.

Read More
12Apr

Iron ore and gold miners drag down market: Aus shares close 0.3% lower

12 Apr 2021 - The ASX200’s lackluster form continued throughout the afternoon trading session, as the Australian sharemarket concluded its trading day in the red. Mining heavyweights BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) led the losses, as the mining sector undermined the broader market. The downward trend in mining stocks is attributable to spot gold price’s $20 fall from a five-week high. Declines in Commonwealth Bank (ASX:CBA) and Macquarie Group (ASX:MQG)’s shares also added to the...

Read More