Market Close Commentary; 18 May 2020

  • May 18, 2020 AEST
  • Team Kalkine

Despite the simmering trade tension with China, on Monday, the market continued the last Friday’s trend and remained in the green zone. Covid-19 restrictions are easing in the country, boosting the market sentiments. The benchmark index S&P/ASX200 closed at 5,460.5, up by 1.03 per cent as compared to Friday’s closing at 5404.8 points.

Irked by Australian calls to investigate the origin of the virus, China is threatening a hefty tariff on Australian barley imports. Trade Minister Simon Birmingham tried calling his counterpart, but China is not answering. The final decision on tariff will come on Tuesday. If China decides to go ahead with the threat, it will cripple the once-lucrative market for Australian exporters.

Amid China not responding to high ranking calls from Australia, the tension is escalating. However, the market seems to ignore the stress and reflects positive sentiments of the easing of restrictions paving the way to economic recovery.

The top gainers of the day are

  • Saracen Mineral Holdings Limited (ASX:SAR) that traded at AUD 5.620, up by 11.287 per cent and
  • P. Eagers Limited (ASX: APE) that traded at AUD 5.430, up by 10.366 per cent.

The worst performers of the day are

  • Austal Limited (ASX:ASB) that traded at AUD 2.910, down by 3.96 per cent and
  • Unibail-Rodamco-Westfield (ASX:URW) that traded at AUD 3.670, down by 3.166 per cent.

Let’s see the graph below to see the top and worst performers on Monday.

 


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