Market Close Commentary: 26 May 2020

  • May 26, 2020 AEST
  • Team Kalkine

Today, benchmark index S&P/ASX200 gained 2.93 per cent, its best performance in last seven weeks with the market finally shedding its bearish trend, ending at 5780 points relative to yesterday's closure of 5,615.6 points.

The bank shares continued yesterday's trend demonstrating robust gain with ANZ Bank New Zealand Ltd (NZX:ANZ)) (ASX: ANZ), up by 5.97 per cent. The travel sector's Flight Centre Travel Group Limited (ASX: FLT) was also among the top five gainers of today's market.

The world environment is still uncertain due to the lack of a sustainable solution for controlling the virus spread while facing the challenge of recovering the economy. To make things worse, the two biggest economies of the world – the US and China's ties continue to deteriorate. 

Moreover, tension seems to be brewing between China and Australia- after imposing hefty charges on Australia's barley, China has now linked the act with past trading disputes between the two nations.

The top and worst performers for today's market are:

The top two gainers were- Southern Cross Media Group Limited (ASX:SXL) which traded at AUD 0.185, with a market cap of AUD 422.74m, up by 15.625 per cent and Unibail-Rodamco-Westfield (ASX:URW) which traded at AUD 3.990, with a market cap of AUD 9.8bn, up by 12.712 per cent.

The worst-performing stocks were - Pinnacle Investment Management Group Limited (ASX: PNI) which traded at AUD 4.050, with a market cap of AUD 774.07m, down by 2.644 per cent and Graincorp Limited (ASX: GNC) which traded at AUD 4.100, with a market cap of AUD 961.19m, down by 2.381 per cent.

The graph below depicts the top five best and worst performing sectors today:

 

 


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