Market Update: Understanding Performance of Australian Markets on November 13, 2019

The Australian markets might get affected if the global growth comes into question or if the performance of the Australian economy gets hampered. However, it can be said that favourable performance of the Australian economy might positively impact the sentiments of market participants and they might decide to deploy their investable capital towards equities. We would now have a look at the performance on November 13, 2019.

At the close of trading session, S&P/ASX200 ended in red at 6698.4, with a decline of 0.8% on an intraday basis. On the same trading session, All Ordinaries also ended the session in red, with a fall of 51.5 points, and the index settled at 6805.6. However, in the same trading session, some companies closed the session in green.

At the end of trading session on 13th November 2019, BINGO Industries Limited (ASX: BIN) ended the trading session at a closing price of A$2.800 per share, up 10.672% on an intraday basis. On the same day, Appen Limited (ASX: APX) closed the session at a price of A$22.660 per share with a rise of 5.888%.

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A Recent Update on BINGO Industries Limited

Chairman of BINGO Industries Limited (ASX: BIN) addressed the shareholders at its 2019 Annual General Meeting and outlined that FY19 had been a transitional year for the company. The successful acquisition of Dial a Dump, which it wrapped up in March, has materially changed the business and established a platform for its ongoing growth in New South Wales. After the acquisition of Dial a Dump, it reconfigured its entire NSW network. The reconfiguration is anticipated to provide substantial capital recycling with around $80 million expected from the sale of non-core assets, which include Banksmeadow.

The Chairman added that BINGO maintained its average resource recovery rate throughout its facilities of 77%, and in doing so abated over 188,000 tonnes of carbon emissions. BINGO’s focus remains on maximising the diversion of waste from landfill and it is committed to contributing to a circular economy.

Appen Limited Up 5.888% on Australian Securities Exchange

Appen Limited (ASX: APX) recently released its results for the half-year ended 30th June 2019, with revenue witnessing a rise of 60% and the figure reaching $245.1 million. It was mentioned that the core business performed very strongly. Speech and image data experienced a rise of 85% as compared to 1H FY18, relevance revenue increased by 48%, and underlying EBITDA margins experienced a growth from 16.8% to 18.9%.

The Board also declared an interim dividend amounting to 4.0c per share, partially franked, which was in line with same period of the last year.

BIN Daily Technical Chart (Source: Thomson Reuters)


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