The stock markets in Australia and the US remain gloomy amid the grim situation due to the prolonged COVID-19 crisis, which doesn't seem to end anytime soon. There is no news to bring any comfort to the investors.
Today the Australian stock market settled at 6024, declined by 1.16 per cent when compared to yesterday's closure of 6094.5. All sectors closed in the red zone except consumer staples and Utilities.
In the US stock market, the S&P 500 slipped by ~40 points or 1.23 per cent; Dow Industrials dropped ~354 points or 1.31 per cent, and Nasdaq Composite was down by ~245 points or 2.29 per cent.
Unemployment further increased in the US: With re-imposed restrictions on economic activities, an additional 1.4 million people filed for unemployment insurance.
The stocks that performed the best today are:
- IGO Limited (ASX:IGO), which was up by 4.836 per cent when traded at AUD420; and
- TPG Telecom Limited (ASX:TPG), which was up by 4.7 per cent when traded at AUD 8.020.
The weak performing stocks in today's market are:
- Insurance Australia Group Limited (ASX:IAG), whichtraded at AUD 5.320 and was down by 7.799 per cent; and
- Evolution Mining Limited (ASX:EVN), which traded at AUD 5.820 and was down by 7.765 per cent.
See the graph here for the top five best and weakest 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)