Market Close Commentary; 20 July 2020

  • Jul 20, 2020 AEST
  • Team Kalkine

The Australian stock market trading session remained gloomy today. After an initial slight surge in the green zone, the benchmark index entered the red zone and remained there until the closure of the market. It finished at 6001.6, down by 0.53 per cent as compared to Friday's closure of 6033.6.

The market reflected negative sentiments due to the increasing virus cases in Australia. As per the latest updated government data, on 19 July, the total number of new cases in the last 24 hours stood at 381, with total active cases was 2,941, and total hospitalised patients infected by coronavirus was 135.

On Friday in the US stock market, NASDAQ Composite and S&P500 both surged by 0.28 per and Dow Industrials drop by 0.23 per cent. The US reported a record number of 77,200 coronavirus cases on Thursday.

The Los Angeles Mayor Eric Garcetti has warned the city that it is on the edge of another stay-at-home order. 

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

  • Resolute Mining Limited (ASX:RSG), which was up by 4.762 per cent when traded at AUD 1.210 on the back of an announcement related to its updated Life of Mine Plan; and
  • Afterpay Limited (ASX:APT), which grew by 3.147 per cent when traded at AUD 69.490.   

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

  • Viva Energy Group Limited (ASX: VEA), which traded at AUD 1.655, down by 5.698 per cent and
  • TPG Telecom Limited (ASX:TPG), which traded at AUD 8.090, down by 5.269 per cent.  

Let us look at the graph here to view five best and worst-performing stocks in today's market: 

 


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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.

Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022. 

Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)

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