Market Update: S&P/ASX200 Ended In Red. What Investors Need To Know

The performance of the Australian markets might get influenced by the geopolitical conditions as well as by health of the global economy. If the economic uncertainties increase, the impact can be felt on the Australian equities as the investors might decide to sell their holdings. If the global economy gets favourably impacted, the Australian economy might witness some positive impacts. Also, the investors might decide to allocate their funds towards equities.

Coming to the performance on October 17, 2019, S&P/ASX200 ended in red as the index witnessed a fall of 51.8 points or 0.8% on an intraday basis to end the session at 6684.7. On the same day, All Ordinaries encountered a fall of 51.7 points or 0.8% to end the day’s session at 6791.5.

We would be having a look at how the individual stocks have performed on October 17, 2019. The stock price of Challenger Limited (ASX: CGF) ended in green as there was an increase of 5.007% on an intraday basis to end the session at A$7.550 per share. However, WiseTech Global Limited (ASX: WTC) and Northern Star Resources Ltd (ASX: NST) ended in the red as there was a fall of 10.18% and 7.989%, respectively on an intraday basis.

We have covered Anglo Australian Resources NL (ASX: AAR), and we advise the market readers to have a quick look at it as it could be beneficial for them. To view, please click here.

A Recent Update on IOOF Holdings Limited

IOOF Holdings Ltd (ASX: IFL) has come forward and issued a release in which it has welcomed receipt of No Objection Notices from OnePath Custodians Pty Limited as well as Australia and New Zealand Banking Group Limited with regards to the transfer of ANZ Wealth Pension and Investments business (or ANZ P&I) to IOOF Holdings Ltd. The release also stated that ANZ and IFL have agreed changes to the terms of ANZ P&I acquisition. The purchase price amounting to $825 million for ANZ P&I has been revised down from $950 million. However, the price is subject to the completion adjustment for net assets of ANZ P&I.

There has been a change with regards to the revised date post which either party may terminate acquisition of ANZ P&I if there are outstanding conditions precedent on that date. As per the release, earlier that date was October 17, 2019, and now the parties have agreed to extend that to December 31, 2019.  It was added that each party has an ability to extend that date on a monthly basis up to but not later than June 30, 2020. There are changes to the warranty caps associated with the reduced purchase price as well as amendment to Strategic Alliance Agreement allowing for the earlier termination right by either party.

We would now have a look at how the IFL stock has performed on ASX. On October 17, 2019, the stock of IFL has witnessed a rise of 10.849% on an intraday basis to end the session at A$7.050 per share.

IFL Daily Technical Chart (Source: Thomson Reuters) 


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