Market Update: How Australian Markets Have Performed On February 17, 2020

  • Feb 17, 2020 AEDT
  • Team Kalkine
Market Update: How Australian Markets Have Performed On February 17, 2020

The Australian markets are influenced by the global macro-economic factors, and if the global growth comes into question, the stock markets might get negatively impacted. Let us now quickly have a look at how S&P/ASX200 performed on February 17, 2020. S&P/ASX200 ended the session in the red as index fell by 0.1% to close at 7125.1. All Ordinaries encountered a fall of 0.1% or 5.9 points to close at 7221.2.

We will now have a look at the performance of stocks at NZX Main Board. New Talisman Gold Mines Limited (NZX: NTL) ended the session in green as the stock rose by 14.29% to reach NZ$0.008 per share. Also, QEX Logistics Limited (ASX: QEX) witnessed an increase of 7.14% to end at NZ$0.750 per share.

We have written important information about Regis Resources Limited (ASX: RRL). To view, click here.

National Storage REIT Rose by 6.195% On An Intraday Basis

Earlier, National Storage REIT (ASX: NSR) received the confidential non-binding indicative proposal from Gaw Capital Partners that revolves around acquiring 100% of issued stapled securities of NSR. In the follow-up announcement on 13th February 2020, the company advised that the discussions are underway with Gaw Capital Partners with regards to the indicative proposal.

The company has also made an announcement that it has also received unsolicited non-binding indicative proposal from Public Storage. It focuses on the acquisition of 100% of the issued stapled securities of NSR.

As per the release, the offer price would be reduced by any distribution declared or paid by National Storage REIT after February 14, 2020. However, it excludes the already declared December 2019 distribution which stood at $0.047 per stapled security. This would be paid on February 28, 2020. It was added that the Public Storage indicative proposal is subject to several customary conditions. This includes completion of the confirmatory due diligence, obtaining of necessary Board as well as regulatory approvals and execution of definitive legal documentation. However, National Storage REIT’s Board noted that it is not subject to the funding condition.

On February 17, 2020, National Storage REIT (ASX: NSR) ended the session by witnessing a rise of 6.195% on an intraday basis to A$2.400 per share.

QBE Insurance Group Limited Released FY 2019 Results

QBE Insurance Group Limited (ASX: QBE) came forward and made an announcement about its FY 2019 results. Its statutory net profit after tax amounted to $550 million, reflecting a rise of 41% from $390 million in the prior year. Its adjusted net cash profit after tax stood at $733 million, which is up 6% from $692 million in the previous year. However, the adjusted cash profit return on equity stood at 8.9%, an increase from 8.0% in the previous year.

The Group’s attritional claims ratio witnessed improvement by further 2.7% to 47.5% from 50.2% in FY 2018. Australia Pacific and International reported further significant improvement, however, underlying improvement in North America’s attritional claims ratio was offset by the heightened level of small weather events during 2H FY 2019.

On February 17, 2020, QBE Insurance Group Limited rose by 4.311% on an intraday basis to close the session at A$14.760 per share.

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