Third potential vaccine: ASX closes 1.3% higher

It has been a positive day of trade for the Australian share market. The local bourse managed to close 1.3 per cent higher. News of a third potential Covid vaccine boosted markets, with all the sectors ending the day in the green.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 83 points higher to finish at 6,644.

Futures market

Dow futures are suggesting a rise of 271 points.
S&P 500 futures are eyeing a lift of 29 points.
The Nasdaq futures are eyeing a rise of 65 points.
And the ASX200 futures are eyeing a 95 point rise tomorrow morning.

Local economic news

The preliminary figures from the Australian Bureau of statistics show the value of exports increased 6 per cent to $30.53 billion in October while imports rose by 8 per cent to $25.69 million.

Company news

Cardinal Resources Limited (ASX:CDV) has received an unsolicited conditional off-market takeover offer for Cardinal at A$1.05 cash per share (E&P Takeover Bid) from Engineers & Planners Company Limited (a company incorporated in Ghana) (E&P) announced on the ASX Market Announcements Platform this morning. Shares in Cardinal Resources Limited (ASX:CDV) closed 5.5 per cent higher at $1.06.

Huon Aquaculture Group Limited (ASX:HUO) are estimating that they have lost between 50,000 and 52,000 4kg fish after a fire broke out at one of the company’s fish pens in Tasmania. The fire damage was limited to approximately a third of the pen, burning through and melting the pen infrastructure above and just below the waterline. The damage to the pen resulted in fish escaping.

NRW Holdings Limited (ASX:NWH) and Primero Group Limited (ASX:PGX) have entered into a Bid Implementation Agreement for a takeover offer for NRW to acquire all of the fully paid ordinary shares on issue in Primero.

Nickel Mines (ASX:NIC) has executed a binding definitive agreement with Shanghai Decent for the acquisition of 70 per cent of the Angel Nickel project on Halmahera Island in Indonesia’s North Maluku province.

Best and worst performers of the day

The best performing sector was Energy adding 3.5 per cent while the worst performing sector was Consumer Staples came in last adding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Beach Energy (ASAX:BPT) rising 8.2 per cent to $1.85, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Whitehaven coal (ASX:WHC).

The worst performing stock in the S&P/ASX 200 is Silverlake Resources (ASX:SLR) dropping 9.4 per cent to $1.69, followed by shares in Saracen Mineral Holdings (ASX:SAR) and Norther Star Resources (ASX:NST)

Asian markets

Mixed: Japan’s Nikkei has added 2.5 per cent, Hong Kong’s Hang Seng has added 0.2 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,825 an ounce.
Iron ore price is 1.2 down at US$127.24.
Iron ore futures are pointing to a rise of 0.5 per cent.
Light crude is US$0.26 higher at US$44.09 a barrel.
One Australian dollar is buying 73.16US cents.

Source: Finance News Network