On October 1, 2019, the Reserve Bank of Australia (or RBA) has made an announcement that the cash rate cut has been reduced by 25 bps and stood at 0.75%.In the recent release by RBA, it was mentioned that the US and China trade and technology disputes are affecting the international trade flows as well as investments, with businesses scaling back their spending plans due to increased uncertainty. Additionally, it was stated that the interest rates are very low around the world and further monetary easing could be anticipated.
As the investors know, the trade war between the US and China has the potential to negatively impact the global stock markets and business environment. Any escalation can significantly impact the core business activities of the global companies. To know more, please click here.
We would now have a look at how the Australian markets performed on October 1, 2019. The S&P/ASX200 ended the session in green, as the index witnessed a rise of 54.5 points or 0.8% to end the session at 6742.8. On the same day, All Ordinaries rose by 52.4 points or 0.8% on an intraday basis to close the session at 6853. Let us now have a look at the performance of banking stocks. Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corporation (ASX: WBC) ended the session in green, as the stock prices of these banks rose by 0.557% and 0.202%, respectively, on an intraday basis. However, Australia and New Zealand Banking Group Limited (ASX: ANZ) ended the session in red, as the stock price fell by 0.105% to end at A$28.490 per share.
We have provided some important information related to the stocks that might be important for investors. Volt Resources Limited (ASX: VRC) recently disclosed its annual report for FY 2019 and we have covered highlights from the company announcement. In order to have a quick look, please click here.
A Recent Update on AMA Group Limited
AMA Group Limited (ASX: AMA) announced to have entered into a binding agreement with Suncorp Insurance Ventures Pty Ltd to acquire 90% of Capital Smart Repairs Australia Pty Ltd, based on the implied enterprise value (100% basis) of $420 million. AMA would also be acquiring 100% of ACM Parts Pty Ltd from Suncorp for $20 million, concurrent with acquisition.
EOS Plans to Acquire EM Solutions Pty Limited
Electro Optic Systems (ASX: EOS), via a release dated October 1, 2019, unveiled that it has agreed to acquire EM Solutions Pty Limited, which is a leading Australian technology player in the field of microwave satellite communications. It was also reported that EMS would become part of EOS Communication Systems.
NUF Daily Technical Chart (Source: Thomson Reuters)
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