Market Close Commentary; 12 November 2020

  • November 12, 2020 06:44 PM AEDT
  • Team Kalkine
    Team Kalkine
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    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

By the end of the trading session on 12 November 2020, most indices on ASX ended the session in the red zone. Benchmark index S&P/ASX 200 slipped marginally by 0.488% and settled at 6418.2.

Amongst various sectors listed on ASX, Information Technology and communication services were the top performing sectors delivering a growth of 1.067% and 1.882%, respectively.

On the other hand, sectors like utilities and banks were the worst performing sectors, which dropped by more than 1.5% each by the closure of the market.

The drop in the share price of big four banks tumbled after the bond yield turned towards south. The shares of National Australia Bank Limited (ASX:NAB), Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and Australia And New Zealand Banking Group Limited (ASX:ANZ) dropped by -1.02%, 1.788%, 1.869%  and -1.105% respectively.

Amongst the top five gainers for the day, Nine Entertainment Co. Holdings Limited (ASX:NEC) reported a 5.084% growth in its shares, driven by the trading update released by the company, highlighting significant improvement in FTA advertising market and Nine’s share of that market. The company expects its December 2020 quarter to show growth in Metro FTA advertising revenue of ~ 15%.

Next on the list of the top gainers for the day was Eagers Automotive Limited (ASX:APE), whose shares notched up by 4.803%, probably influenced APE’s announcement related to agreement to acquire a Castle Hill property.

Pendal Group Limited (ASX:PDL) was the top loser for the day with 5.495% drop in the shares. Whitehaven Coal Limited (ASX:WHC) was next in the list of top losers with a drop of 4.49% in its share price.

Let us look at the top five best performers and losers for the day.



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