Market Close Commentary; 29 October 2020

  • October 29, 2020 07:38 PM AEDT
  • Team Kalkine
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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.


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