Market Update: Australian Equity Market Witnessed a Sharp Fall of 9.70%

  • Mar 16, 2020 AEDT
  • Team Kalkine
Market Update: Australian Equity Market Witnessed a Sharp Fall of 9.70%

The Australian market settled in red on 16th March 2020 and the benchmark index S&P/ASX200 ended the day at 5002 with the decline of 537.3 points. We will now have a look at the performance of some sectors. S&P/ASX 200 Consumer Discretionary (Sector) went down by 10.24% and reached at 1,990.3. S&P/ASX 200 Health Care (Sector) experienced a decline of 4343.8 points and stood at 39,302.1. At the end of the same day, All Ordinaries closed at 5058.2 with the fall of 9.52%.

There were some companies, which performed well on ASX despite the fall in the market, including Fisher & Paykel Healthcare Corporation Limited (ASX: FPH), which rose by 4.2% to $25.06 per share.  Telstra Corporation Limited (ASX: TLS) inched up by 1.807% and settled at $3.380 per share.

S&P/NZX50 experienced a decline of 3.60% and stood at 9477. BLIS Technologies Limited (NZX: BLT) gained 26.53% and ended the trading session at NZ$0.062 per share. AMP Limited (NZX: AMP) stood at NZ$1.400, reflecting a rise of 10.24%. On the other hand, Tourism Holdings Limited (NZX: THL) fell by 31.79% to NZ$1.330 per share.

We have written an article on Musgrave Minerals Limited (ASX: MGV). Market players can look at the article by clicking here.

FPH Ended in Green on ASX

As per the release dated February 21, 2020, Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) has revised the guidance for the full year ending March 31, 2020. As per the document, it anticipates revenue to be circa $1.2 billion while net profit after tax (or NPAT) between $260 million to $270 million. The company updated the guidance on the back of the assumption that NZ: US exchange rate would be approximately 64 cents for the remaining financial year. However, the previous guidance for revenue stood at $1.19 billion while its net profit after tax was expected to be between $255 million to $265 million. As of now, the company is not anticipating any significant effect on its supply to its existing customer due to coronavirus (COVID-19).

Telstra Corporation Limited Closed in Green on Australian Stock Exchange

Telstra Corporation Limited (ASX: TLS) recently announced that Elana Rubin has acquired 14,367 ordinary shares for the consideration of $49,997.16. During 1H20, the company posted total income of $13.4 billion on a reported basis with a decline of 2.8%. In the same time span, Underlying EBITDA stood at $3.9 billion, reflecting a fall of 6.6%. The company’s multi-brand strategy has continued to deliver growth in customers, mainly in the mobile business. With respect to the outlook, for FY 2020, it expects total income in the range of $25.3 billion to $27.3 billion. Notably, the company’s underlying EBITDA has been anticipated to be in the range of $7.4 billion to $7.9 billion.

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There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

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