Great rally for the fourth quarter: ASX closed 1% higher

Great rally for the fourth quarter: ASX closed 1% higher


It has been a positive day of trade for the Australian share market, with a great start to the fourth quarter. The local bourse managed to close almost 1 per cent higher. Shares in plumbing supplies group Reliance Worldwide (ASX:RWC) shot up today after reporting strong first quarter sales in its US business. Shares in Lynas Corp (ASX: LYC) did well today after US President Donald Trump highlighted the geopolitical importance if the rare earth business. As for the sectors today Materials closed higher and Consumer Staples fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 57 points higher to finish at 5,873

Futures market

Dow futures are suggesting a rise of 201 points.
S&P 500 futures are eyeing a rise of 23 points.
The Nasdaq futures are eyeing a lift of 78 points.
And the ASX200 futures are eyeing a 57 point rise tomorrow morning.

Local economic news

Total job vacancies in August 2020 were 206,000, an increase of 59.4 per cent from May 2020

Company news

Aeris Environmental (ASX:AEI) has successfully partnered with SABCO, an Australian company specialising in cleaning and garden products for over a century. SABCO is wholly-owned by the American Libman Company a privately held company that manufactures brooms, mops and other household cleaning supplies. It is estimated that Libman has 27 per cent of the United States market share for cleaning tools. Shares in Aeris Environmental (ASX:AEI) closed 6.9 higher at $0.54.

Plumbing supplies group Reliance Worldwide (ASX:RWC) report a strong first quarter sales in its US business where sales have continued to grow strongly in September with improved sales in wholesale channels and continued recovery in the Canadian market.

IoT and cloud-based solutions Buddy Technologies (ASX:BUD) has announced that big-box retail availability of its LIFX smart lights in the United States is about to significantly expand, with the addition of Lowe’s and Costco to its roster of retail partners.

Flight Centre (ASX:FLT) founder and chief executive Graham Turner says demand for international travel will not fully recover before FY23 or FY24.

Best and worst performers of the day

The best performing sector was Real Estate Investment Trust adding 2.1 per cent while the worst performing sector wasConsmer Staples the sector with the fewest gains adding 0.04 per cent.

The best performing stock in the S&P/ASX 200 was Reliance Worldwide Corp (ASX:RWC), rising 10.5 per cent to close at $4.22. Shares in Zip Co (ASX:Z1P) and Lynas Corp (ASX:LYC) followed higher.

The worst performing stock in the S&P/ASX 200 was Omni Bridgeway (ASX:OBL), dropping 3.1 per cent to close at $3.81. Shares in Nearmap (ASX:NEA) and Pro Medicus (ASX:PME) followed lower.

Commodities and the dollar

Gold is trading at US$1,897 an ounce.
Iron ore price is 5 per cent higher at US$123.47.
Iron ore futures are pointing to a rise of 4.99 per cent.
Light crude is US$0.14 higher at US$40.61 a barrel.
One Australian dollar is buying 71.93US cents.
Copyright 2020 – Finance News Network

Source: Finance News Network

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