Market Update: How Australian Markets Performed on 17th March 2020?

  • Mar 17, 2020 AEDT
  • Team Kalkine
Market Update: How Australian Markets Performed on 17th March 2020?

The equity market of Australia closed in green on 17th March 2020. The benchmark index S&P/ASX200 settled at 5293.4, reflecting a rise of 291.4 points or 5.83%. However, the index has lost 10.88% over the last five days and 14.28% over the last 52 weeks. Let us now look at the performance of some sectors, which closed in green such as S&P/ASX 200 Consumer Staples (Sector), which experienced a rise of 8.28% to 12,568.5. S&P/ASX 300 Metals and Mining (Industry) closed at 3,493.9, indicating a rise of 330.9 points. At the end of same session, All Ordinaries stood at 5332.8 with the rise of 5.43%.

During the trading session, some companies performed well on ASX and filled the pocket of investors. Metcash Limited (ASX: MTS) surged 26.971% and stood at $3.060. Gold Road Resources Limited (ASX: GOR) rose by 21.118% and settled at $0.975 per share.

S&P/NZX50 fell 0.49% and closed at 9,435. General Capital Limited (NZX: GEN) inched up by 12.50% to NZ$0.090. QEX Logistics Limited (NZX: QEX) gained 11.76% and ended at NZ$0.570. When it comes to losers at NZX Main Board, Evolve Education Group (NZX: EVO) plunged 23.75% and ended at NZ$0.061 per share.

Recently, we have penned an article on Lake Resources NL (ASX: LKE) and the readers can click here to view the article.

Metcash Limited Gained 26.971% on Australian Stock Exchange

Metcash Limited (ASX: MTS) announced that Brad Soller has expressed his intention to retire as Group Chief Financial Officer. MTS would commence a comprehensive search process for a new Group CFO which will include internal and external candidates. In another update, MTS mentioned that Allan Gray Australia Pty Ltd and its related bodies corporate have made a change to their substantial holdings in the company. The current voting power stood at 15.72% as compared to the previous voting power of 14.64%. For the 1H FY20, the operating cash flow stood at $88.8 million, reflecting a cash realisation ratio of 52.4% against 93.7% in 1H FY19. This fall is due to rise in investment in working capital.

Silver Lake Resources Limited Ended in Green with a Rise of 20.096%

Silver Lake Resources Limited (ASX: SLR) recently announced that Mitsubishi UFJ Financial Group, Inc. has ceased to become a substantial holder in the company. During 1H FY20, Silver Lake reported group production of 127,751 ounces of gold and 1,424 tonnes of copper. The sales for the period stood at 127,459 ounces at AISC (All-in Sustained Cost) of A$1,223/oz. The company reported EBITDA amounting to $116 million with the EBITDA margin of 45%. Cashflow from operations witnessed a rise of 232% and stood at $99 million. SLR experienced an increase of $55 million in cash and bullion to A$186 million and closed the period in a debt-free position. For FY20, SLR is expecting gold sales in the range of 230,000 ounces – 240,000 ounces. AISC is anticipated of between A$1,300/oz – A$1,350/oz.


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