Market Update: Australian Market Faced Fifth Red Session

3 min read | February 28, 2020 10:42 PM AEDT | By Team Kalkine Media

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Market Update: Australian Market Faced Fifth Red Session

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The Australian market ended in red at the close of the trading session on 28^th February 2020. The benchmark index S&P/ASX 200 tumbled by 216.7 points and settled at 6441.2. All Ordinaries closed at 6511.5, down by 225.9 points. Most of the sectors ended in red. S&P/ASX 200 Health Care (Sector) closed at 43,816.8, reflecting a fall of 1203.9 points and S&P/ASX 200 Energy (Sector) stood at 9,479.1, reflecting a decline of 3.14%.

Despite fall in the market, some companies performed well like NEXTDC Limited (ASX:NXT), which settled with a rise of 6.334% at $7.890 per share. Perenti Global Limited (ASX:PRN) experienced an increase of 3.846% to $1.350 per share.

Turning the needle towards losers and gainers at NZX Main Board, New Talisman Gold Mines Limited (NZX: NTL) closed at NZ$0.007 per share with a rise of 16.67%. Sky Network Television Limited (NZX: SKT) stood at NZ$0.540, which inched up by 8.00%. When it comes to losers, Geneva Finance Limited (NZX: GFL) stood at NZ$0.410 per share, implying a fall of 8.89%.

We have written some important information on Metals Australia Limited (ASX:TMT). Please click here to read the article.

NEXTDC Limited Achieved Decent Growth Of 8% In Revenue

NEXTDC Limited (ASX:NXT) has announced its results for the six months ended 31^st December 2020 (1H FY20) wherein it reported a growth in revenue by 8% to $97.7 million. In the same time span, Underlying EBITDA of the company witnessed a rise of 21% and stood at $50.9 million. During 1H FY20, the company reported a strong level of sales despite the limited inventory levels in its key market of Sydney. As at 31^st December 2019, NXT reported a robust balance sheet with total assets of over $1.8 billion and cash and cash equivalents of $197 million.

For FY20, the company expects revenue of between $200 million to $206 million and Underlying EBITDA in the range of $100 million to $105 million. The company also anticipates capital expenditure towards the top end of the range, i.e. $280 million to $300 million. These forecasts are based on current billing and contracted utilisation levels along with new customer contracts in 2H FY20.

Perenti Global Limited Closed the Trading Session in Green On ASX

Perenti Global Limited (ASX:PRN) recently announced that Credit Suisse Holdings (Australia) Limited has ceased to become a substantial holder in the company on 24^th February 2020. During 1H20, the company reported an increase of 5.3% in revenue to $1.0 billion and underlying EBITDA of $222.0 million with an improvement of 10.6%. The improvement in earnings has been resulted by strong performance in underground mining and solid surface mining result in Australia, which was offset by unsatisfactory performance in surface mining in Africa. The company declared fully franked interim dividend of 3.5 cents per share underpinned by cash flow and robust balance sheet.

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