Market enters April on a high: ASX closes 3.6% higher

The Australian share market has closed at a two week high closing 3.6 per cent higher. Shares in Mayne Pharma (ASX:MYX) soared and SkyCity Entertainment (ASX:AKC) shares rose as did AP Eagers (ASX:APE). As for the sectors today Energy led the day and Utilities fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 182 points higher to finish at 5,259

Futures market

Dow futures are suggesting a fall of 365 points.
S&P 500 futures are eyeing a fall of 55.4 points.
The Nasdaq futures are eyeing a drop of 130.4 points.
And the ASX200 futures are eyeing a 125 point rise tomorrow morning.

Local economic news

ABS Building approvals have risen 19.9 per cent in February, up from a revised 15.1 per cent fall in January. Economists had been expecting an increase of 3 per cent.
The impact of coronavirus is starting to trickle through to house prices, but it is early days yet with price rises across most capital cities still driving national dwelling prices up 0.7 per cent last month according to a report out today by CoreLogic.

Company news

Synlait Milk (ASX:SM1) completed the purchase of Dairyworks today. Synlait previously announced the transaction in October 2019 and received consent under the Overseas Investment Act 2005 to purchase the shares in Dairyworks last month. Dairyworks, like the rest of Synlait’s operations, are currently operating under the New Zealand Government’s Level 4 Alert restrictions as an essential service. Shares in Synlait Milk (ASX:SM1) closed 4.9 per cent higher at $6.45.

Brickworks (ASX:BKW) has been advised that it may re-open their brick plants in Pennsylvania. On 19 March, Brickworks closed down manufacturing operations at its five Pennsylvania brick plants, in response to Governor Tom Wolf’s order for the closure of all non life-sustaining businesses in the state.

Lottery game seller Jumbo Interactive (ASX:JIN) says improved customer engagement is expected to deliver higher TTV and Revenue during a period of lower jackpots.

Best and worst performers

The best performing sector was Energy adding 4.5 per cent while the worst performing sector was Utilities, adding the least a 5.2 per cent.

The best performing stock in the S&P/ASX 200 was Mayne Pharma (ASX:MYX), rising 17.7 per cent to close at $0.36. Shares in Skycity Entertainment Group (ASX:SKC) and AP Eagers (ASX:APE) followed higher.

The worst performing stock in the S&P/ASX 200 was Wisetech Global (ASX:WTC), dropping 7 per cent to close at $15.90. Shares in Reliance Worldwide Corp (ASX:RWC) and Jumbo Interactive (ASX:JIN) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 2.2 per cent, Hong Kong’s Hang Seng has lost 1.1 per cent and the Shanghai Composite has added 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,586 an ounce.
Iron ore price has added 0.4 per cent at US$83.32.
Iron ore futures are pointing to a fall of 2.8 per cent.
Light crude is US$0.23 lower at US$33.35 a barrel.
One Australian dollar is buying 61.21 US cents.

Source: Finance News Network