Market Close Commentary; 29 October 2020

  • October 29, 2020 07:38 PM AEDT
  • Team Kalkine
    Team Kalkine
    admin Team Kalkine
    16956 Posts

    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 day’s trade on 29 October 2020, ASX indices ended the session in the red zone. Benchmark index S&P/ASX 200      slipped by 1.608% and settled at 5960. ASX performance was influenced by the weak  Wall Street performance on 28 October 2020 due to the rising concerns related to the COVID-19 cases plus the US government’s inability to reach a deal to pass a new fiscal bill before the election.

On 28 October 2020, S&P 500 dropped by 3.53% and settled at 3271.03. NASDAQ-100 index plunged by 3.73% and settled at 11004.87.

Other than this, European countries like Germany and France have also announced the lockdown for a month. A sharp rise in the number of cases is threatening to restrict activities once again.

Amongst the various index listed on ASX, S&P/ASX All Ordinaries Gold (Sub Industry) index was the worst performer. It dropped by 4.21% on the day and settled at 8171.2.

Other sectors which dropped over 2% includes consumer discretionary, energy, information technology, metals and mining, and resources.

Amongst the top movers Whitehaven Coal Limited (ASX:WHC) was the best performer for the day. The shares surged up by 4.615% and settled at A$1.020. IGO Limited (ASX:IGO) was the second best performing Company for the day with 2.83% growth in the share price and settled at A$4.36.

On the other hand, Westgold Resources Limited (ASX:WGX) and JB HI-FI Limited (ASX:JBH)  were the top two worst performer for the day. Westgold Resources reported 8.897% drop in its share price and settled at A$2.56 while JBH shares slipped 6.179% and settled at A$47.380.

JBH shares could not do well  despite reporting strong comparable sales growth in Australia during Q1 FY2021. Total sales growth in Australia was 27.3%. However, in New Zealand, JB HI-FI Limited the total sales was -2.5% which was 3.8% in Q1 FY2020.

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK