Market Update: Australian Markets Ended in Red. S&P/ASX200 Falls 0.7% Intraday: A Quick Overview
Stock markets in Australia get affected by global uncertainties as well as by the trade battle between the US and China. The war has potential to disrupt growth prospects of the global economy and the Australian economy. Needless to say, a downturn in the Australian economy can weigh over the performance of Australian equities and investors might avoid deployments towards the equity asset class.
Talking about the performance on October 9, 2019, S&P/ASX200 ended the session in red, as the index witnessed a fall of 46.7 points or 0.7% on an intraday basis to end at 6546.7. On the same day, All Ordinaries fell by 0.7% or 46.7 points to close at 6667. On October 9, 2019, Flight Centre Travel Group Limited (ASX: FLT) and Mineral Resources Limited (ASX: MIN) ended the day in red, as the prices of these stocks fell by 11.716% and 5.155%, respectively.
Recent Update on CLINUVEL PHARMACEUTICALS LIMITED
CLINUVEL PHARMACEUTICALS LIMITED (ASX: CUV) recently issued a press release, unveiling that the US Food and Drug Administration (or FDA) has approved new drug as the first ever treatment for rare genetic metabolic disorder that causes absolute intolerance to light. In the release, it was mentioned that SCENESSE® (afamelanotide 16mg) was approved to “increase pain free light exposure in adult patients with a history of phototoxic reactions from erythropoietic protoporphyria (or EPP)”. On October 9, 2019, the company, with the help of another market update, announced that FDA has awarded marketing approval to use SCENESSE® (afamelanotide 16mg) for the treatment of EPP patients in the United States
We would now be looking at how the stock of CUV performed on ASX on October 9, 2019. The company’s stock ended the day in green, with an increase of 60.199% on an intraday basis to close at A$45.000 per share.
CWY’s Stock Ended Session In Green
Cleanaway Waste Management Limited (ASX: CWY) has advised that it is a successful bidder for acquisition of assets of SKM Recycling Group (Receivers and Managers appointed). The announcement also mentioned that the acquisition follows the public sale process that was conducted by KordaMentha, appointed as the Receivers and Managers of SKM by CWY following acquisition of senior secured debt in SKM Recycling Group. In the release it was added that, pursuant to acquisition, Cleanaway would be acquiring properties, plant and equipment as well as certain other assets of SKM for a consideration amounting to around $66 million; however, it is subject to the customary completion adjustments.
The stock of CWY closed the session on October 9, 2019 in green, reporting an increase of 6.25% to end the day’s session at A$2.040 per share.CUV Daily Technical Chart (Source: Thomson Reuters)
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