Market Update: S&P/ASX200 Ended in Red on November 12, 2019

As investors are aware, stock markets are affected by economic uncertainties. If health of the global economy comes into question, it might weigh over the performance of Australian equities. In the event of slowdown, investors might decide to opt for safer assets and might sell their holdings in equities. Let us now have a look at the performance of S&P/ASX200 on November 12, 2019.

At the end of trading session, S&P/ASX200 closed the session in red, with a fall of 19.5 points and stood at 6753. On the same day, All Ordinaries also closed the trading session in red, with a decline of 0.3% or 19.9 points, and index reached at 6857.1. However, we would now have a look at how individual companies performed on November 12, 2019.

At the close of trading session on November 12, 2019, Sims Metal Management Limited (ASX: SGM) closed the trading session at a price of A$10.750 per share, with a rise of 3.764% on an intraday basis. On the same trading session, Mayne Pharma Group Limited (ASX: MYX) closed at a price of A$0.580 per share with an increase of 3.571%.

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Recent Update on Sims Metal Management Limited

Sims Metal Management Limited (ASX: SGM) recently updated the market participants that it would continue an on-market share buy-back program for up to 10% of its issued capital, or around 20.3 million shares. It added that the buy-back program is anticipated to commence from November 22, and to remain in place for a period of up to 12 months. The key personnel of SGM stated that the company is committed to efficient capital management as well as delivering improving returns to shareholders. SGM boasts a solid balance sheet and it would continue to deploy a disciplined, structured and accountable approach to capital.

For 1H FY20, the company is anticipating underlying EBIT loss in the range of around A$20 million to A$30 million and a full year FY20 underlying EBIT profit in the ambit of A$20 million and A$50 million.

Mayne Pharma Group Limited Up 3.571% on ASX

Mayne Pharma Group Limited (ASX: MYX) recently announced that Mithra Pharmaceuticals, SA presented its results of phase 3 trial for E4/DRSP oral contraceptive at the 13th Annual Meeting of the European Society of Gynecology (ESG). It was mentioned that E4/DRSP is the next generation combined oral contraceptive composed of 15 mg Estetrol (E4) as well as 3 mg drospirenone (E4/DRSP).

In another update, the company stated that non-executive director named Mr Ron Best would be retiring as a Director of the Company at the upcoming Annual General Meeting, which is to be conducted on November 22, 2019.

SGM Daily Technical Chart (Source: Thomson Reuters)


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