Market Close Commentary; 27 July 2020  

  • Jul 27, 2020 AEST
  • Team Kalkine

The Australian stock market today settled at 6044.2, which was up by 0.34 per cent when compared with Friday's closure of 6024. Gold drove the market today with 4.36 per cent gain. Reserve Bank of Australia has reduced the interest rate to an all-time low at 0.25 per cent. It is ready to buy government bonds under the "unlimited" bond-buying programme if the market conditions worsen.

The virus crisis continues to create havoc with people’s lives and the country's economy. Today the total number of cases in Australia stood at 14,403 with total new cases in the last 24 hours reported as 475, and total hospitalised patients being 241.

US stock market trading session on Friday was gloomy thanks to the escalating tension among the US and China.

President Donald Trump on Thursday said that the US-China trade pact means less to him now. Investors fear that this could deteriorate the ties further and wonder how China is going to react on this.

The Dow Jones Industrial Average dipped by 182.44 points, 0.68 per cent, the S&P 500 lost 20.03 points or 0.62 per cent, and the Nasdaq Composite fell 98.24 points or 0.94 per cent. 

The stocks that performed well in the market today are:

  • Lynas Corporation Limited (ASX:LYC), which traded at AUD 2.430 and gained 11.982 per cent. Today, Lynas announced that LYC and the US Department of Defense (DoD) have inked an agreement for Phase 1 work on US-based Heavy Rare Earth Separation Facility.
  • Resolute Mining Limited (ASX:RSG), which traded at AUD 1.440 and was up by 5.882 per cent.

The stocks that lost most points in today's market are:

  • Insurance Australia Group Limited (ASX:IAG), which traded at AUD 5.040 and was down by 5.263 per cent.
  • Corporate Travel Management Limited (ASX:CTD), which traded at AUD 8.950 and dipped by 4.073 per cent.

Now, have a look at the graph to see the top and worst-performing stocks for today's ASX trading session:

 


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