Market Close Commentary; 2 July 2020 

  • Jul 02, 2020 AEST
  • Team Kalkine

For 02 July 2020, the ASX ended in the green zone, and increased by 1.66 per cent finishing at 6032.7 as compared to Wednesday's closure of 5934.4.

On Wednesday, S&P 500 surged by 0.50 per cent, and NASDAQ composite up by 0.95 per cent; however, Dow Industrials was down by 0.30 per cent. 

A potential breakthrough in the Covid 19 vaccination trial lifted the S&P 500 and NASDAQ. Vaccination hope boosted the sentiments in the ASX market too.

Pfizer, one of the companies in the vaccine race, published the result from a phase 1/2 clinical trial of the vaccine developed by BioNTech. As per the study, 24 participants, when given a lower dose of the vaccine, developed antibodies up to 2.8 times more than in the recovered patients.

Though increasing cases in the US are dampening the spirits, broader economy reopening has resulted in the US manufacturing activity rebound in June 2020. National factory activity rose to 52.6 in June from 43.1 in May.

The policymakers at Federal Reserve are strengthening a Great Recession-era promise to keep interest rates low until some certainty restored in the market. It will help in speeding the recovery from the recession triggered by the Great Virus Crisis (GVC).

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

  • Tuas Limited (ASX:TUA), up by 35.294 per cent when traded at AUD 0.690, and  
  • Afterpay Limited (ASX:APT) which was up by 9.512 per cent when traded at AUD 68.160.

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

  • Perenti Global Limited (ASX:PRN) which traded at AUD 1.110, down by 5.128 per cent, and
  • NRW Holdings Limited (ASX:NWH) which traded at AUD 1.785, down by 4.8 per cent.

See the graph below to view five best and worst-performing stocks on Thursday:

 


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