Market climbs on the last day of the financial year: ASX closes 1.4% higher

It has been a positive day of trade for the Australian share market for the end of financial year, the local bourse managed to close 1.4 per cent higher. Shares in Collins Foods (ASX:CKF) are on the up after releasing their year results showing revenue is up 8.9 per cent to $981.7million.Shares in Wisetech Global (ASX:WTC) dropped after RealWise Holdings, a company controlled by WiseTech Global Founder and CEO, Richard White, sold 2.4 million shares (approximately 0.76 per cent of the total issued capital of WiseTech Global). Jumbo Interactive (ASX:JIN) shares also dipped today despite extending its partnership with Tabcorp yesterday for an extra ten years.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 83 points higher to finish at 5,898

Futures market

Dow futures are suggesting a fall of 71 points.
S&P 500 futures are eyeing a fall of 6 points.
The Nasdaq futures are eyeing a rise of 8 points.
And the ASX200 futures are eyeing a 59 point rise tomorrow morning.

Local economic news

Figures released by the Australian Bureau of Statistics today show total payroll jobs increased 1.0 per cent between mid-May and mid-June.

Company news

TPG Telecom (ASX:TPG), the company formerly named Vodafone Hutchison Australia, has been admitted to the official list of the Australian Securities Exchange (ASX). The listing comes ahead of implementation of its merger with TPG Corporation Limited (formerly named TPG Telecom Limited) by scheme of arrangement expected to occur on 13 July, 2020. The new TPG Telecom will trade under the ASX code “TPG” on a deferred settlement basis from today, with trading in shares on a normal settlement basis to then commence on 14 July, 2020. VHA Chief Executive Officer, Iñaki Berroeta, who will serve as CEO of the new TPG Telecom, said the ASX listing was a significant milestone. Shares in TPG Telecom (ASX:TPG) closed 5.5 per cent at $8.90.

Infigen (ASX:IFN) Board unanimously recommends investors accept the Takeover Offer from Iberdrola at 89 cents per Infigen Stapled Security in the absence of a superior proposal. The Spanish energy giant increased its conditional offer after rival bidder UAC Energy Holdings made its 86 cents a share offer unconditional.

The Board of Freedom Foods Group (ASX:FNP) last night accepted the resignation of Rory Macleod as Managing Director and Chief Executive of the Company.

Best and worst performers of the day

The best performing sector was Energy adding 4.3 per cent while the worst performing sector was A-Reits, shedding 0.5 per cent.

The best performing stock in the S&P/ASX 200 was Collins Foods (ASX:CKF), rising 12.7 per cent to close $9.42. Shares in Avita Medical (ASX:AVH) and NRW Holdings (ASX:NWH) followed higher.

The worst performing stock in the S&P/ASX 200 was SkyCity Entertainment (ASX:SKC), dropping 4.7 per cent to close at $2.23. Shares in Abacus Property (ASX:ABP) and Jumbo Interactive (ASX:JIN) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 1.4 per cent, Hong Kong’s Hang Seng has gained 0.2 per cent and the Shanghai Composite has gained 0.7 per cent.

Commodities and the dollar

Gold is trading at US$1,773 an ounce.
Iron ore price is 3.4 down at US$99.85.
Iron ore futures are pointing to a fall of 0.7 per cent.
Light crude is US$0.35 lower at US$39.46 a barrel.
One Australian dollar is buying 68.54 US cents.

Source: Finance News Network