ASX gains, Miner’s rebound: Aus shares closed 1.6% lower over the week

The Australian sharemarket finished the week in positive territory, after spending most of its time in the red. Gains were made in the afternoon session, largely thanks to mining and energy stocks.

At the closing bell, the ASX/200 was 0.5 per cent or 37 points higher at 7,407. Over the week, it was 1.6 per cent or 116 points lower.

Amongst the sectors, majority were in front as banks, travel, and tech stocks lifted. Meanwhile health care was under pressure, led by CSL (ASX:CSL) closing 1 per cent lower. Property trusts also fell. 

Miners bounced back today with strong gains in South32 (ASX:S32) and Alumina (ASX:AWC), both closing 5.9 per cent higher. Heavyweight miners joined the rally, with BHP (ASX:BHP) closing 0.6 per cent higher and Fortescue (ASX:FMG) 2.6 per cent higher.

The Santos and Oil search announcement was a highlight today, after terms were finalised to merge the two companies. This saw Santos (ASX:STO) closing 0.7 per cent higher and Oil Search (ASX:OSH) 2.2 per cent higher.

With an end to lockdown in sight and the vaccination rate continually climbing, Qantas (ASX:QAN) closed 2.1 per cent higher and Sydney Airport (ASX:SYD) edged 0.3 per cent higher at the closing bell. 

Looking at major banks, Commonwealth (ASX:CBA) led, closing 0.5 per cent higher, while Westpac (ASX:WBC) dipped 0.2 per cent lower at close.

On another note, there were a large number of ex-dividend companies this week. To name a few today, software company WiseTech (ASX:WTC) closed 2.7 per cent higher, while waste management company Cleanaway Waste (ASX:CWY) closed 1 per cent lower.

Company news

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Infratil (ASX:IFT) committed $315 million (US 233 million) to establish Gurin Energy, a renewable energy development platform

Supermarket giant Woolworths (ASX:WOW) has committed to $880 million (EU 550 million) in bonds, outlining their sustainability goals of reducing carbon emissions.

Energy giants Santos (ASX:STO) and Oil Search (ASX:OSH) have finalised their $21 billion merger, after ongoing talk.

PolyNovo (ASX:PNV) announced its chief operating officer Dr Anthony Kaye has resigned. Dr Kaye is returning to bio tech firm CSL, where he originally came from.

IPO

Mt Malcolm Mines NL (ASX:M2M) listed on the ASX today. It issued at $0.20, opened at $0.29 and closed at $0.185. 
Zoom2u (ASX:Z2U) listed on the ASX today with issue price issue price at $0.20, opening at $0.35 and closing at $0.43.
Culpeo Minerals (ASX:CPO) listed on the ASX today with issue price at $0.20. It opened at $0.22 and closed at $0.23.. 

Futures

The Dow Jones futures are pointing to a rise of 133 points.
The S&P 500 futures are pointing to a rise of 13 points.
The Nasdaq futures are pointing to a rise of 32 points.
The SPI futures are pointing to a rise of 40 points when the market next opens.

Best and worst performers

The best-performing sector was Materials, up 1.7 per cent. The worst-performing sector was Health Care, down 0.7 per cent.

The best-performing stock in the S&P/ASX 200 was Nickel Mines(ASX:NIC), closing 8.5 per cent higher at $1.08. It was followed by shares in Alumina (ASX:AWC) and South32 (ASX:S32).

The worst-performing stock in the S&P/ASX 200 was PolyNovo(ASX:PNV), closing 5.7 per cent lower at $1.92. It was followed by shares in Omni Bridgeway (ASX:OBL) and Chorus (ASX:CNU).

Asian markets

Japan’s Nikkei has gained 1.1 per cent.
Hong Kong’s Hang Seng has gained 1.6 per cent.
China’s Shanghai Composite has gained 0.4 per cent.

Wall Street

Over the last four trading days, the Dow Jones lost 1.4 per cent, the S&P 500 lost 0.9 per cent and the Nasdaq lost 0.8 per cent.

Commodities and the dollar

Gold is trading at US$1802.12 an ounce.
Iron ore is 1.5 per cent lower at US$130.26 a ton.
Iron ore futures are pointing to a rise of 0.3 per cent.
Light crude is trading $0.52 higher at US$68.13 a barrel.
One Australian dollar is buying 73.81 US cents. 

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