Market Update: Australian Equity Markets Ended in Red: What Investors Need to Know?

April 16, 2020 09:38 PM AEST | By Team Kalkine Media

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Market Update: Australian Equity Markets Ended in Red: What Investors Need to Know?

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At the close of the trading session on 16^th April 2020, the equity market of Australia settled in red. S&P/ASX200 stood at 5416.3, indicating a decline of 50.4 points or 0.92%. Most of the sectors on ASX were in red at the end of session including S&P/ASX 200 Information Technology (Sector), which witnessed a fall of 1.26% to 1,201.9 and S&P/ASX 200 Materials (Sector), which ended at 11,668.9 with a decline of 186.6 points. At the end of the same session, All Ordinaries went down by 1.01% to 5467.6.

Let us have a look at the performance of some companies which ended in green on 16^th April 2020. Mayne Pharma Group Limited (ASX: MYX) rose by 11.594% to $0.385 per share. The Star Entertainment Group Limited (ASX: SGR) went up by 9.402% and settled the session at $2.560 per share.

S&P/NZX50 closed the trading session at 10,473 with a rise of 0.61%. PaySauce Limited (NZX: PYS) gained 31.11% to NZ$0.590. Air New Zealand Limited (NZX: AIR) ended at NZ$1.315, reflecting an increase of 11.44% on an intraday basis. On the other hand, Comvita Limited (NZX: CVT) experienced a sharp fall of 11.15% to NZ$2.790.

Recently, we have written an article on Cassini Resources Limited (ASX:CZI) which can be read by clicking here.

Mayne Pharma Group Limited Rose 11.594% on 16^th April 2020

Mayne Pharma Group Limited (ASX:MYX) and its development partner Mithra Pharmaceuticals, SA stated that a New Drug Application has been submitted to the US Food and Drug Administration (FDA), wherein it is seeking marketing authorisation for E4/DRSP (which is an oral contraceptive to prevent pregnancy). It also stated that if the company receives approval from US-FDA, then E4/DRSP will be available in the US market in 1H CY21. The filing of New Drug Application has been a milestone for Mayne Pharma and Mithra Pharmaceuticals. During 1H FY20, net operating cash flow after interest, tax and working capital of the company stood at $46.2 million, reflecting a fall of 14% as compared to the pcp.

The Star Entertainment Group Limited Ended in Green on Australian Stock Exchange.

The Star Entertainment Group Limited (ASX:SGR) recently stated that it is likely to have a continuous impact on its business from the shutdown of its properties. However, the company is taking up necessary measures in order to preserve liquidity and to cement the balance sheet in exceptional circumstances. These measures include (1) additional liquidity of $200 million by executing a debt funding facility with existing relationship banks, (2) agreement for waiver of debt covenants, and (3) reduction in operating costs and capital expenditure. The company is also focused on maintaining a robust financial position and operating flexibility in order to quickly resume the operations.

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