Market Close Commentary; 22 June 2020

  • Jun 22, 2020 AEST
  • Team Kalkine

By the end of the day’s trade, benchmark index has shown a marginal improvement of 0.03% in its level and settled at 5,944.5. As compared to the market close on 19 June 2020, the slight improvement indicates the prevailing uncertainty in the market.

The sectors that closed in the red zone today were A-REIT, Consumer Discretionary, Consumer Staples, Emerging Companies, Industrials, Information Technology, Communication Services, Utilities and Real Estate.

One the other hand, sectors like Metals & Mining, Material and Resources sectors were the best performers for the day, delivering a growth of over 1%.

The industrial sector was the worst performing sectors for day as it slipped 2.29% by the market close. Many companies from this sector like Qantas Airways Limited (ASX:QAN), Sydney Airport (ASX:SYD) noted a drop in their share prices due to the fear surrounding the second wave of COVID-19, which might delay the time for the resumption of domestic travel.

In Australia, there were 25 new cases of coronavirus and around 19 cases were reported from Victoria alone. There are 5 new cases from New South Wales and one from Western Australia. 

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

The top gainer for the day Austal Limited (ASX:ASB), whose shares improved by 9.524% and settled at A$3.68 post the release of an announcement related to the US$50 million DPA agreement signed between the United States government, Department of Defense and Austal USA.

Saracen Mineral Holdings Limited (ASX:SAR) was the second best performing stock today with a growth of 8.475% in its share price and closed at A$5.12.

The stocks which was the worst performing stocks for the day was Mesoblast Limited (ASX:MSB), which dropped by 10.628% and settled at A$3.70.

Let's see the graph below to view the top five best and worst-performing stocks today: 


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