Market Close Commentary; 10 July 2020

  • Jul 10, 2020 AEST
  • Team Kalkine

The stock market closed for the week by finishing in the red zone, with the benchmark index ending at 5919.2. The market dipped by 0.61 per cent when compared with Thursday's closure of 5955.5.

In the US stock market on 09 July, NASDAQ Composite was up by 0.53 per cent, Dow industrials down by 1.39 per cent, and S&P 500 dipped by 0.56 per cent.

The US and Australian stock market remain gloomy due to concern over rising cases. US reported more than 60,000 new cases in a single day on Wednesday, which is a record for any country. 

In both, the countries medical experts are recommending lockdown and strict restrictions.

In the US, White House infectious disease adviser Dr Anthony Fauci has recommended that some states should seriously think about implementing lockdown. In Australia, the Australian Medical Association (AMA) has called for a pause in easing of restrictions in all States and Territories.

The best-performing stocks for today's market are:  

  • Netwealth Group Limited (ASX: NWL), which was up by 5.627 per cent when traded at AUD 10.700 on the back of its June Quarterly business update. Netwealth reported AUD 31.5 billion of Funds Under Administration on 30 June 2020 and annual net inflows of AUD 9.1 billion for FY20.
  • Silver Lake Resources Limited(ASX:SLR) today increased by 2.655 per cent, when traded at AUD 2.320.  

The worst-performing stocks for today's market are:   

  • Chorus Limited (ASX:CNU), which traded at AUD 6.760, down by 7.524 per cent, and
  • AVITA Medical Limited (ASX:AVH), which traded at AUD 7.880, down by 7.512 per cent. 

  Have a look at the graph below to view five best and worst-performing stocks on Thursday:

 

 

 


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