Market Close Commentary; 16 September 2020

  • Sep 16, 2020 AEST
  • Team Kalkine

The volatile market conditions continue amid the ongoing prolonged pandemic crisis. After ending in the red zone on Tuesday, the Australian stock market today finished in the green zone, with benchmark index S&P/ASX200 settling at 5956.1, up by 1.04 per cent as compared to yesterday's closing of 5894.8.  

The surge in ASX followed the second consecutive day of the substantial gains in the US stock market. On 15 September 2020, the increase in the tech stocks drove the Nasdaq Composite up by 1.21 per cent. Netflix went up by 4.1 per cent, Tesla 7.2 per cent, and Facebook 2.4 per cent. S&P 500 gained 0.52 per cent, and Dow Industrials was up by 0.01 per cent.

The commodity section on Wednesday at AEST: 3:05 PM saw the Australian dollar increased by 0.16 per cent; it was trading at AUD 0.7313. The crude oil surged by 2.17 per cent and was trading at USD 39.11 a barrel. The gold commodity raised by 0.40 per cent; it was trading at USD 1,961.74.

The best-performing stocks during Wednesday's trading session are:

  • SEEK Limited (ASX:SEK)was the top gainer today. It traded at AUD 21.020 and was up by 9.422 per cent.
  • P. Eagers Limited (ASX: APE)remained at the second top position. It traded at AUD 9.660 and was up by 7.933 per cent. 

The lowest-performing stocks during Tuesday's trading session are:

  • Whitehaven Coal Limited (ASX:WHC)traded at AUD 0.915 and was dipped by 5.181 per cent. 
  • oOh!media Limited (ASX:OMLtraded at AUD 1.015, was down by 2.871 per cent.

See the graph here to view the top five best and worst-performing stocks for today.

 

There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.

No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.

Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.

Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022. 

Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)

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