Lithium shares continue to rally: Aus shares close 0.9% higher

It’s been a positive day of trade for the Australian share market after an early rise continued at steady momentum into the afternoon closing 0.9 per cent higher. Pilbara Minerals (ASX:PLS) led the gains as lithium shares continue to rally following electric vehicle and Tesla optimism. Elders (ASX:ELD) followed as shares in the agribusiness surged with the company saying increased demand for farm supplies, including fencing, and the need for restocking once fires ease is expected. Pendal Group (ASX:PDL) was the worst performer following their funds under management update. As for the sectors today Consumer Staples led the day with Communication Services coming in last.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 59 points higher to finish at 6,962

Futures market

Dow futures are suggesting a lift of 1 point.
S&P 500 futures are eyeing a rise of 1 point.
The Nasdaq futures are eyeing a lift of 4 points.
And the ASX200 futures are eyeing a 61 point rise tomorrow morning.

Company news

Kangaroo Island Plantation Timbers (ASX:KPT) says further damage has been caused following the Jan 9 bushfires. The company released a statement saying fire had burnt through several of the company’s remaining plantations. It’s Timber Creek Mill suffered damage, however the preservation plant at the Mill was undamaged. The company says it's considering salvage options for their fire-damaged timber. and its shares remain voluntarily suspended. Shares in Kangaroo Island Plantation Timbers (ASX:KPT) last traded at $1.96.

Looking at some more headlines:

Neo-lender Wisr (ASX:WZR) has responded to the Australian Securities Exchange saying it was not in breach of continuous disclosure rules.

Cell therapeutics company Cyanata (ASX:CYP) has received the greenlight from British medical authority MHRA to begin the company’s Phase 2 clinical trial of its CYP-002 product to treat patients with crucial limb ischaemia.

Clothing retailer Mosaic Brands (ASX:MOZ) says over half of its 1386 stores have been impacted by the bushfire crisis. As a result the company’s comparable sales for the half year were 8 per cent lower than last year.

Immuno-therapy company Imugene (ASX:IMU) has received the US patent for its HER-VAxx gastric cancer treatment.

Best and worst performers of the day

The best performing sector was Consumer Staples adding 1.7 per cent while the sector with the fewest gains was Communication Services, adding 0.2 per cent.

The best performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), rising 1.4 per cent to close at 39 cents. Shares in Elders (ASX:ELD) and Avita Medical (ASX:AVH) followed higher.

The worst performing stock in the S&P/ASX 200 was Pendal Group (ASX:PDL), dropping 5.1 per cent to close at $8.53. Shares in Costa Group (ASX:CGC) and Cooper Energy (ASX:COE) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has also lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,538 an ounce.
Iron ore price has added 2.1 per cent at US$95.93.
Iron ore futures are pointing to a lift of 2.3 per cent.
Light crude is steady at US$58.08 a barrel.
One Australian dollar is buying 68.99 US cents.

Source: Finance News Network