The performance of equities in Australia is affected by the health of global economy as well as by Australian economy’s performance. If the tensions with respect to global growth increases, the investors might decide to sell their holdings in equities and consider making deployments towards safer asset classes.
At the close of session on 15th November 2019, S&P/ASX200 ended the session in green, reporting an increase of 0.9% and settling at 6793.7. On the same day of trading, All Ordinaries also ended the session in green, reflecting a rise of 0.8% or 58.1 points, and index stood at 6898.9.
Among the stocks that closed the session in green and provided the market participants a day of wealth was GrainCorp Limited (ASX: GNC), which settled at a price of A$8.620 per share, indicating a rise of 11.514% on an intraday basis. On the same session of trading, Galaxy Resources Limited (ASX: GXY) closed the trading session at a price of A$1.080 per share, with an increase of 5.882%.
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Update on Proposed Sale of Australian Bulk Liquid Terminals
GrainCorp Limited (ASX: GNC), through a release dated 15th November 2019 updated the market players about the decision of the Australian Competition and Consumer Commission concerning the sale of the company’s Australian Bulk Liquid Terminals business to ANZ Terminals Pty Ltd. The commission has decided not to oppose the proposed sale. However, the decision is subject to an undertaking from ANZ Terminals under which it has agreed to divest its terminal at Osborne, and to seek clearance of ACCC of any future land acquisition it proposes at Coode Island, Melbourne.
GNC would retain the Port Kembla Terminal and the purchase price payable by ANZ Terminals on wrap up of the Proposed Transaction would be decreased by an amount of $18 million. In FY19, the company reported underlying net loss after tax amounting to $82 million as compared to $71 million posted in FY18 net profit after tax.
Galaxy Resources Limited Rose 5.882%
Galaxy Resources Limited (ASX: GXY) recently updated the market with its performance during Q3 FY19. The company, during the quarter, appointed a leading international environmental consultancy in order to assist in the development of a comprehensive sustainability strategy. It is pursuing to ensure its environmental, social and governance practices are aligned with international frameworks in a manner appropriate to the scale of operations, anticipation of stakeholders as well as the jurisdictions in which GXY operates.
GNC Daily Technical Chart (Source: Thomson Reuters)
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