Market Close Commentary; 29 May 2020 

  • May 29, 2020 AEST
  • Team Kalkine

Not a good day for the market; it seems Trump's announcement of a news conference on China today was enough to roil the already turbulent market of Wall street and Australian share market alike. Today, the benchmark index S&P/ASX200 ended at 5755.7 points, down by 1.63 per cent, as compared to the yesterday's closure of 5,851.1 points.

Escalating tension between the world's top economies US and China is making investors nervous. The pandemic has unfolded the dual crisis of health and economy. There are already uncertainties surrounding the market in the absence of an effective cure for the Covid-19 virus. To add to the difficulties of market, US and China are hitting each other on everything from Honk Kong to the response on the pandemic outbreak.

The US is not only one raising questions on China, the governments of the UK, Australia, and Canada, along with the US, issued a joint statement expressing 'deep concern regarding Beijing's decision.'

However, if this increased friction will lead to another round of escalating tariffs between these two countries, that is not indeed a good piece of news for the global economy, which is already undergoing a severe recession.

The top two gainers on ASX were-

  • Austal Limited (ASX:ASB), which traded at AUD 3.340, was up by 10.231 per cent, and
  • Northern Star Resources Limited (ASX:NST) which traded at AUD 14.800, was up by 7.636 per cent. 

The worst-performing stocks were –

  • Virgin Money UK PLC (ASX:VUK) which traded at AUD 1.805, was down by 10.19 per cent, and
  • New Hope Corporation Limited (ASX:NHC) which traded at AUD 1.350, was down by 8.163 per cent.

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

 


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