Oilex (ASX:OEX) to buy 27 Petroleum Retention Licences: Aus shares close 0.6% higherCraig Foley
It has been a positive day of trade for the Australian share market. After making ground at the open, the local bourse managed to maintain momentum this morning, taking a slight dip mid-session to gain 0.6 per cent at the close. As for the sectors, Communications, Energy and Utilities buoyed the market. Every sector managed to cap some gains today.
Citi has upgraded the 12-month price target of Nufarm (ASX:NUF) to $6. Citi retains its buy rating. This follows incremental improvement in the balance sheet after the placement to Sumitomo, and with Omega-3 commercialisation on track, Nufarm’s shares are down 27 per cent in the year to date, sharply underperforming the broader market. Shares in Nufarm (ASX:NUF) closed 3 per cent higher at $4.46.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 39 points higher to finish at 6,716.
However over the week, the market has lost 15 points or 0.2 per cent.
Dow futures are suggesting a rise of 22 points.
S&P 500 futures are eyeing a rise of 3 points.
The Nasdaq futures are eyeing a lift of 2 points.
And the ASX200 futures are eyeing a 40 point rise on Monday morning.
Oilex (ASX:OEX) has penned a binding term sheet with Senex Energy (ASX:SXY) and some of its related entities, to acquire all of Senex’s interest as operator in 27 Petroleum Retention Licences. The licences are based in the Northern Oil and West Gas Fairway in the Cooper-Eromanga Basins in South Australia. Oilex says “the basin has a high exploration success rate, low cost development pathways, and remains under-explored and under-developed”. The transaction is subject to government approvals. Shares in Senex Energy (ASX:SXY) closed 0.7 per cent higher at 36 cents.
Gold miner, Saracen Mineral Holdings (ASX:SAR) has entered into a binding agreement to acquire the Sinclair project from Talisman Mining (ASX:TLM) for $10 million.
Investec Australia Property Fund (ASX:IAP) has announced the successful completion of its fully underwritten institutional placement to raise $84 million.
Plus sized apparel company, City Chic Collective (ASX:CCX) has placed an initial bid on the assets of US based e-commerce company Avenue Stores.
Communication and IT solution provider, SpeedCast International (ASX:SDA) has appointed Peter Shaper and Joe Spytek as independent non-executive directors
Best and worst performers of the day
The best performing sector was Utilities adding 1.4 per cent while the worst performing sector was Healthcare closing 0.3 per cent higher.
The best performing stock in the S&P/ASX 200 was SpeedCast International (ASX:SDA) following its board appointments, rising 16.9 per cent to close at $1.25. Shares in IDP Education (ASX:IEL) and Mayne Pharma Group (ASX:MYX) followed higher.
The worst performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN), dropping 3.5 per cent to close at $2.20. Shares in St Barbara (ASX:SBM) and Saracen Mineral Holdings (ASX:SAR) followed lower.
Mixed: Japan’s Nikkei has lost 1 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has gained 0.2 per cent.
Wrapped up our four trading days this week lower: The Dow Jones lost 0.2 per cent, The S&P 500 lost 0.5 per cent and the tech heavy Nasdaq lost 1.1 per cent.
Commodities and the dollar
Gold is trading at US$1,504 an ounce.
Iron ore price rose 0.6 per cent to US$90.91.
Iron ore futures are pointing to a rise of 1.4 per cent.
Light crude is 5 US cents higher at US$56.54 a barrel.
One Australian dollar is buying 67.58 US cents.
Copyright 2019 – Finance News Network
Source: Finance News Network