Market Close Commentary; 19 May 2020

  • May 19, 2020 06:30 PM AEST
  • Team Kalkine
    Team Kalkine
    admin Team Kalkine
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    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

On Tuesday, the benchmark index S&P/ASX200 remained in the green zone and closed at 5559.5 points, up by 1.81 per cent, as compared to yesterday’s close of 5,460.5 points. Since, last Friday, the market is reflecting some positive sentiments thanks to the easing of restrictions and the promising results of Moderna’s vaccine.

Amid the crazy virus making the world economies to go topsy turvy, the news of successful results of an experimental vaccine against the coronavirus brings much hope for the market and the world indeed.

The vaccine was tried on eight healthy, middle-aged volunteers by giving them a low or medium dose of vaccination. The volunteers developed antibodies similar to the recovered patients. None of the countries was expecting such good news that sooner.

Irked by the global pressure for virus investigation, China finally imposes a hefty tax on Australian barley for next five years, however, at the moment it looks that market chose to ignore this piece of news.

Most of the sectors ended in the green zone, except the consumer staples and health care. Top gainers for the day are Unibail-Rodamco-Westfield(ASX:URW) which traded at AUD 4.090, up by 11.444 per cent and James Hardie Industries Plc (ASX:JHX) which traded at AUD 23.820, up by 11.204 per cent.

Top two declining stocks were Jumbo Interactive Limited (ASX:JIN) and Regis Resources Limited(ASX:RRL). JIN traded at AUD 11.930, down by 4.1 per cent, and RRL traded at AUD 5.210, down by 4.052 per cent.

Let’s see the graph below displaying the top five gainers and losers of the day:

 


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