Industrial sector propels gains: ASX closes 0.8% higher

The Australian share market took a dip in afternoon trade and managed to close 52 points higher, or 0.8 per cent higher to finish at 6,791.

Futures market

Dow futures are suggesting a fall of 18 points.
S&P 500 futures are eyeing a dip of 3 points.
The Nasdaq futures are eyeing fall of 5 points.
And the ASX200 futures are eyeing a 48 point rise tomorrow morning

Local economic news

The number of dwellings approved rose 21.6 per cent in February (seasonally adjusted), after falling 19.4 per cent in January, according to data released by the Australian Bureau of Statistics (ABS) today.

Company news

People Infrastructure Ltd (ASX:PPE) has completed settlement of Swingshift Nurses. Swingshift Nurses was established in 2000 and is a leading nursing agency focused on the mental health market. It is a contracted preferred supplier to most public sector hospitals in Victoria. Shares in People Infrastructure Ltd (ASX:PPE) closed 6.6 per cent higher at $3.73.

Zip Co (ASX:Z1P) has entered a partnership with JB Hi-Fi (ASX:JBH) and will be in stores in April, providing buy now pay later services.

SG Fleet Group Limited (ASX:SGF) has entered into an agreement to acquire the Australian and New Zealand businesses of LeasePlan for a cash consideration of $273 million and a 13 per cent equity interest in SG Fleet.

Telix Pharmaceuticals (ASX:TLX) has completed an agreement with contract development and manufacturing organisation Grand River Aseptic Manufacturing to perform commercial-scale Good Manufacturing Practice manufacturing of Telix’s Illuccix product for prostate cancer imaging.

IPOs

Mineral exploration Peregrine Gold Ltd (ASX:PGD) started trading today. It issued shares at $0.20 and started trading on the ASX at $0.26 and is currently trading at $0.24.5

Best and worst performers of the day

The best performing sector was Industrials adding 2.2 per cent while the worst performing sector was Energy with the fewest gains, gaining 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Unibail-Rodamco-Westfield (ASXURW), rising 6.4 per cent to close at $5.35. Shares in Champion Iron (ASX:CIA) and Atlas Arteria (ASX:ALX) followed.

The worst performing stock in the S&P/ASX 200 was Harvey Norman Holdings (ASX:HVN),dropping 3.7 per cent to close at $5.73. Shares in Ramelius Resources (ASX:RMS) and Appen ASX:APX) followed.

Asian markets

Lower: Japan’s Nikkei has lost 0.8 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite has lost 0.8 per cent.

Commodities and the dollar

Gold is trading at US$1,680 an ounce.
Iron ore price lost 0.8 per cent to US$166.58.
Its futures are pointing to a fall of 0.7 per cent.
Light crude is US$0.23 higher at US$58.08 barrel.
One Australian dollar is buying 75.99 US cents.

Source: Finance News Network