Market Update: A Glance Of Australian Market On 30th October 2019

  • Oct 30, 2019 AEDT
  • Team Kalkine
Market Update: A Glance Of Australian Market On 30th October 2019

The Australian stock market is generally affected by the geo-political factors and the overall health of global economy. The Australian markets might get affected on any decision or policies made by Reserve Bank of Australia (or RBA).

On 30th October 2019, S&P/ASX200 ended the session in red, as the index witnessed a fall of 55.9 points to end the session at 6689.5. On the same day, All Ordinaries also ended in red, with a decline of 53.8 points and the session closed at 6794.7. We would now have a look at the stocks which ended in green on Australian Securities Exchange (or ASX).

On 30th October 2019, Silver Lake Resources Limited (ASX: SLR) closed the trading session by rising 7.042% and the stock price stood at A$1.140 per share. On the same day, Galaxy Resources Limited (ASX: GXY) closed at $0.930 per share which implies a rise of 5.682%.

Silver Lake Resources Limited Increases By 7.042% on ASX

According to the release dated 25th October 2019, the company has made an announcement about extension of its off-market takeover bid for all of the fully paid ordinary shares in Egan Street Resources Limited to December 13, 2019. Silver Lake highlighted the benefits of Silver Lake’s all scrip offer for the Egan Street shareholders:

  • The offer provides the shareholders of Egan Street Resources Limited with the significant reduction in the funding as well as project execution risks, in current environment in which access to capital for junior developers happens to be difficult
  • By accepting scrip offer, the shareholders of Egan Street would be benefited by maintaining the level of exposure as well as share price upside that may be generated via integration of Rothsay project into a company with established proximal infrastructure as well as demonstrated exploration success in growing Mineral Resource base of narrow, high-grade gold deposits
  • More broadly, scrip offer gives an opportunity for shareholders of Egan Street to become part of the financially stronger company with stable platform of established Western Australian operations as well as high quality team with focus towards the cashflow generation in an environment with constructive outlook for gold prices
  • The largest shareholder of Egan Street, Lion Selection accepted the offer
  • Should the offer be declared free of all the defeating conditions (unconditional), Silver Lake needs to pay offer consideration within the span of 7 days of offer being declared unconditional.

Galaxy Resources Limited Rose 5.682% on October 30, 2019

Galaxy Resources Limited (ASX: GXY) came forward and made an announcement that John Turner has made a change to his holdings in the company by acquiring 50,000 ordinary shares. In the same release, it was stated that these shares have been acquired at the consideration of $42,142.

After the change, John Turner possesses 115,000 fully paid ordinary shares and 500,000 unlisted options which are exercisable at $2.78 on or before 14th June 2020.

We have also provided crucial information on the stocks and we advise the market players to have a look at the same. We have covered CV Check Limited (ASX: CV1). Please click here to have a look at the information.

SLR Daily Technical Chart (Source: Thomson Reuters)


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