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Market Update: Australian Markets Declined by 3.6% on 11th March 2020

  • March 11, 2020 09:55 PM AEDT
  • Team Kalkine
Market Update: Australian Markets Declined by 3.6% on 11th March 2020

The Australian equity market settled in red at the close of 11th March 2020 and the S&P/ASX200 witnessed a drop of 213.7 points and stood at 5725.9. At the close of same day, All Ordinaries declined by 3.6% and ended the day at 5789.3. Most of the sectors on ASX witnessed red session such as S&P/ASX 300 Metals and Mining (Industry), which tumbled by 3.55% and stood at 3,584.3. S&P/ASX 200 Consumer Discretionary (Sector) went down by 70.1 points and closed at 2,267.4.

Gold MTF non-AMP

However, some companies ended the trading session in green despite the fall in overall equity market of Australia like Austal Limited (ASX: ASB), which increased by 5.502% to $3.260 per share. Steadfast Group Limited (ASX: SDF) closed at $3.340 with a rise of 4.375%.

S&P/NZX50 settled at 10,874 with a fall of 0.23%. Burger Fuel Group Limited (NZX: BFG) inched up by 11.43% and ended the session at NZ$0.390. QEX Logistics Limited (NZX: QEX) soared by 7.41% to NZ$0.580 per share. When it comes to losers, F&C Investment Trust PLC (NZX: FCT) experienced a decline of 10% and stood at NZ$12.600 per share.

Recently, we have penned an article on engage:BDR Limited (ASX: EN1) with some major information. Readers can have a look at the article by clicking here.

Austal Limited Rose by 5.502% on March 11, 2019

As per the recent release, Austal Limited (ASX: ASB) has given on-time delivery of sixth Guardian-class Patrol Boat. This delivery was given to the Australian Department of Defence. During 1H FY20, the company reported revenue amounting to $1.039 billion with a rise of 22%. NPAT and EBIT for the period stood at $40.8 million and $59.9 million, reflecting an increase of 72% and 48%, respectively. During the same period, the company experienced growth in earnings throughout the business, along with stronger margins from USA and from Australasia. These margins have almost doubled its earnings contribution against 1H FY19. The Board of ASB declared unfranked interim dividend amounting to 3 cents per share. The company will be paying the dividend on 17th April 2020 with the record date of 17th March 2020.

Steadfast Group Limited Rose by 4.375% on 11th March 2020.

Steadfast Group Limited (ASX: SDF) recently announced that Challenger Limited and its entities have made a change to their substantial holdings in SDF on 5th March 2020 and the current voting power stands at 6.15% as compared to the previous voting power of 5.02%. The company reported underlying revenue and underlying EBITA amounting to $414.4 million and $108.9 million during 1H FY20 with a rise of 29.6% and 27.5%, respectively. The company managed to close the half-year with the net assets of $1.2 billion, up by $119.3 million largely from the issue of shares during the half year. During 1H FY20, the company acquired IBNA Limited, which generates around $1.25 billion of GWP (Gross Written Premium) annually.

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