Market Close Commentary; 29 June 2020 

  • Jun 29, 2020 AEST
  • Team Kalkine

The Australian stock market today plunged by 1.51 per cent when benchmark index S&P/ASX200 finished at 5815 as compared to Friday's closure of 5,904.1.

The market remained gloomy, and all sectors ended in the red zone. On Friday, the US stock market also reflected a depressing pattern with Dow Industrials down by 2.84 per cent, S&P 500 down by 2.42 per cent, and NASDAQ Composite dipped by 2.59 per cent.

The increasing coronavirus cases in the US is raising concerns about economic reopening and recovery.

The surging COVID-19 cases is creating uncertain situations for market and ASX is also following the NASDAQ trend and the downturn continues. The novel virus is driving the world economy topsy-turvey with no sooner solution for this. Today, the ASX benchmark touched its two-week low in the wake of the growing number of cases in the US.

The top-performing stocks for today's market are:

  • Fisher & Paykel Healthcare Corporation Limited (ASX:FPH), which traded at AUD 31.670, , up by 6.885 per cent.
  • AVITA Medical Limited (ASX:AVH)which was up by 4.609 per cent when traded at AUD 8.170.

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

  • Jumbo Interactive Limited (ASX:JIN)which traded at AUD 9.900, down by 13.234 per cent. 
  • NRW Holdings Limited (ASX:NWH)which traded at AUD 1.695, down by 10.08 per cent.

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

 


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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)

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