Market Update: Australian Markets Ended in Red: S&P/ASX Down by 5.62%

  • Mar 23, 2020
  • Team Kalkine
Market Update: Australian Markets Ended in Red: S&P/ASX Down by 5.62%

In the present scenario, it looks like fears of COVID-19 are influencing the global markets. The performance of Australian markets is sensitive to the macro-economic parameters as well as to the health of Australian economy. On March 23, S&P/ASX200 closed the session in red as the index was down by 5.62% to 4546. Some companies on ASX managed to end the session in green. Newcrest Mining Limited (ASX: NCM) ended the session in green as the stock price rose by 4.554% to A$22.730 per share. Also, CIMIC Group Limited (ASX: CIM) ended the session by rising 6.87% to end at A$21.000 per share.

At NZX Main Board, Tourism Holdings Limited (NZX: THL) ended in red as its share price fell by 46.08% on an intraday basis to NZ$0.550 per share. Also, Good Spirits Hospitality Limited (NZX: GSH) declined by 39.39% to NZ$0.060 per share. We have written important information about travel and airline stocks. To view, click here.

SHL Rose by 6.322% on March 23, 2020

Sonic Healthcare (ASX: SHL) has withdrawn the earnings guidance for FY 2020 because of level of uncertainty due to COVID-19 pandemic. However, the release stated that the company’s balance sheet happens to be in the robust position, and it has around A$1 billion of cash and committed credit facilities currently available (prior to payment on March 25 of FY 2020 interim dividend amounting to around A$162 million). Also, none of the company’s debt facilities are due to mature until CY 2021.

The laboratories of the company in Australia, the USA as well as Europe are testing several patients for COVID19. Moreover, it continues to increase testing capacity so that needs of the communities in which it operates can be met.

On March 23, 2020, the stock of the company was settled at A$23.040 per share.

Newcrest Mining Limited Ended the Session in Green

Newcrest Mining Limited (ASX: NCM) has reported high grade drill results which validate the potential in both Red Chris and Havieron. As per the release, guidance for FY 2020 has been adjusted to reflect the recently completed divestment of Gosowong, commencement of commercial production at Fruta del Norte as well as projections of all the operations, and primarily, Lihir. The updated group gold production guidance for FY 2020 stood at 2,100 – 2,200koz.

CTD Rose by 2.674% on ASX

Corporate Travel Management (ASX: CTD) has been witnessing significant impact to the business after introduction of the additional government-imposed restrictions on international travel as well as major reductions with respect to domestic capacity. The company has implemented further comprehensive cost reduction actions which, together with its robust liquidity position, would be enabling it to tackle an extended period of reduced activity.


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