Market Update: Australian Market Closes in Red; What Investors Need to Know?

  • Feb 03, 2020 AEDT
  • Team Kalkine
Market Update: Australian Market Closes in Red; What Investors Need to Know?

The equity market of Australia ended in red on 3rd February 2020, first trading session of the second month of year 2020. The benchmark index S&P/ASX200 settled at 6923.3, reflecting a fall of around 1.4%. All Ordinaries fell by 101.3 points and settled at 7019.9. Let us now look at some sectors’ performance. S&P/ASX 200 Energy (Sector) ended the trading session at 11,113.4 after registering a decline of 468.7 points or 4.22%. S&P/ASX 200 Consumer Discretionary (Sector) witnessed a decline of 1.05% and closed at 2,773.8.

Despite the fall in overall market, some companies performed well, including Service Stream Limited (ASX: SSM), which closed at A$2.760 per share with a rise of 4.943% and Pro Medicus Limited (ASX: PME), which settled at A$25.050, inching upward by 4.375%.

At NZX Main Board, SeaDragon Limited (NZX: SEA) experienced a rise of 50.00% and closed at NZ$0.003. PaySauce Limited (NZX: PYS) settled at NZ$0.700 per share with an increase of 4.48%.  When it comes to losers, Geo Limited (NZX: GEO) ended the session at a closing price of NZ$0.075 per share after declining 16.67%.

Previously, we covered an article on OceanaGold Corporation (ASX: OGC) and West African Resources Limited (ASX: WAF). To view, please click here.

Service Stream Limited Up 4.943% on Australian Stock Exchange

Essential network services company, Service Stream Limited (ASX: SSM), an industrial sector player, has appointed Ms. Linda Know as the company’s new Chief Financial Officer (CFO), who would join SSM in May 2020. Ms. Know has strong leadership skills, as well as an extensive finance and commercial career.  

In another market update, SSM announced that the D4C consortium has secured a 10-year Sydney Water Corporation contract. SSM’s wholly owned subsidiary Comdain Infrastructure Pty Ltd is part of the consortium.

This contract comprises a mobilisation period of six months, which started in January 2020 followed by two 5-year service delivery terms with a performance review at the end of the first 5 years.

Pro Medicus Limited Ends in Green

Pro Medicus Limited (ASX: PME), recently through a release dated 30th December 2019, announced that Visage Imaging, Inc., (wholly owned U.S. subsidiary of PME) inked a 5-year, multi-million-dollar contract with Palo Alto based company Nines.

The company added that the offering, which is based on the Visage 7 technology, would be hosted in Google Cloud Platform. The offering would provide the company’s client with a platform that is immensely scalable and highly optimised. The deal would result in base revenue to PME, amounting to more than A$6 million over the life span of the contract with significant upside potential.

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There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

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