Market Close Commentary; 3 July 2020 

  • Jul 03, 2020 AEST
  • Team Kalkine

The Australian share market closed for the week by ending in the green zone. However, it had fluctuated in between the trading session, and the benchmark index had entered the red zone. ASX ended at 6057.9, up by 0.42 per cent as compared to Thursday's closure of 6032.7. Most of the sector remained in the green zone, with few exceptions.

In the US stock market, the S&P 500 surged by 0.45 per cent, NASDAQ composite by 0.52 per cent, and Dow Industrials was also up by 0.36 per cent on Thursday. 

Wall street sentiments were boosted due to the jobs report on Thursday, which was better than the expected. 

On vaccination front also, some optimism is there due to the recent success in vaccine trial by Pfizer. However, till any vaccination passes all the trial levels and begins to be used on patients, uncertainty remains. 

During the virus crisis, US and China have failed to improve their ties. The tension is increasing among these two nations over a new national security law in Hong Kong. The US House of Representatives passed a bill that sanctions banks which do business with Chinese officials involved in breaking down the activists in Honk Kong. How China will respond to this is yet to be seen.

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

  • Cochlear Limited (ASX:COH), up by 5.87 per cent when traded at AUD 204.000, and  
  • Bega Cheese Limited (ASX:BGA) which was up by 5.063 per cent when traded at AUD 4.980.

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

  • Adbri Limited (ASX:ABC) which traded at AUD 2.350, down by 25.397 per cent, and
  • IDP Education Limited (ASX:IEL) which traded at AUD 16.580, down by 4.658 per cent.

See the graph below to view five best and worst-performing stocks on Thursday:

 


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