The Australian share market today followed yesterday's fluctuating pattern. It ended in the red zone with the benchmark index closing at 6012.9, down by 0.03 per cent as compared to Monday's closure of 6014.6.
On 6 July 2020, after a long weekend, the US stock market started the week's trading on a positive note and rallied to drive the market up with NASDAQ composite surging by 2.21 per cent, S&P 500 was up by 1.59 per cent, and Dow Industrial gained 1.78 per cent.
US market sentiments were high amid the stock gains around the world. Asian and European stock markets also increased sharply.
At the beginning of the trading session today, ASX was doing well. Still, the benchmark index slipped after the announcement by Premier Daniel Andrews in the afternoon that Victoria will reimpose stage three restrictions in greater Melbourne and the Mitchell Shire. The decision is taken as Victoria has reported 191 new cases of coronavirus overnight.
The top two best-performing stocks for today's market are:
- St Barbara Ltd (ASX:SBM) which surged by 10.334 per cent when traded at AUD 3.630 on the back of releasing its Q4 FY20 production update and FY20 full-year gold production highlighting net cash generated of AUD 86 million in Q4 FY20.
- Gold Road Resources Limited (ASX:GOR) which was up by 7.08 per cent when traded at AUD 1.815.
The two stocks that performed worst in the market today:
- oOh!media Limited (ASX:OML) which traded at AUD 0.940, down by 6 per cent, and
- Charter Hall Retail REIT (ASX:CQR), which traded at AUD 3.240, down by 4.985 per cent.
Here is a graph to show the top 5 best and worst-performing stocks for 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)