Market Close Commentary; 21 July 2020

  • Jul 21, 2020 AEST
  • Team Kalkine

After a gloomy trading session on 20 July 2020, the Australian stock market on 21 July 2020 has shown a growth of 2.58% by the end of the day’s trade and settled at 6,156.3. With this growth, S&P/ASX 200 index has attained a level which existed during 9 March 2020.

The jump in the market gives an indication that the investors in the market are optimistic with respect to the vaccine. The growth also reflects the market reaction with respect to the extension of the JobKeeper and JobSeeker which together is of A$20 billion.

Most sectors by the market closure ended in the green zone with a significant growth from their respective previous closures.

Amongst all the sectors listed on ASX, S&P/ASX All Technology Index and S&P/ASX 200 Information Technology were the best sectors with growth of over 5%. Other sectors like Emerging Companies, Health Care, All Ordinaries Gold, and Consumer Discretionary were amongst those which improved by more than 3%.

From the technology sector, Nearmap Ltd (ASX:NEA) showed a massive growth of 11.161% on the day and settled at A$2.49.

Mesoblast Limited (ASX:MSB) was the second best performer of the day with a growth of 10.448% in the share price. The shares settled at A$3.70. The improvement in the share price was because of the company’s announcement that the Oncologic Drugs Advisory Committee of the US Food and Drug Administration has scheduled a meeting on 13 August 2020 for the review of data supporting the company’s Biologics Licence Application for the approval of RYONCILTM.

On the other hand, from the communication, TPG Telecom Limited (ASX:TPG) reported a drop in its share price by 2.472% and settled at A$7.89.

Alumina Limited (ASX:AWC) remained the second worst performing company with a drop of 1.961% in the share price and settled at A$1.75.

 


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