The stock markets in Australia are sensitive to macro-economic factors as well as to the health of global economy. On November 25, 2019. S&P/ASX200 ended the session in green. Reflecting a rise of 21.6 points, the index stood at 6731.4. On the same day, All Ordinaries also ended the session in green, as there was a rise of 0.3%, boosting the index to close at 6835.6. On 25th November 2019, S&P/ASX 200 Energy (Sector) index closed at 11,326.3 with a rise of 1%. S&P/ASX 200 Communication Services (Sector) inched upward by 1.1% to close in the green zone at 1,268.2. We would now be having a look at some companies, which closed the trading session in red on Australian Stock Exchange (or ASX).
On ASX, Nufarm Limited (ASX: NUF) closed the day’s trade at a price of A$5.080 per share, down 17.532%. Also, PolyNovo Limited (ASX: PNV) ended the session at A$1.800 per share, reflecting a dip of 6.005% on an intraday basis.
Recently, we covered information on some companies and the readers are suggested to have a look at the articles. We have provided some information on Surefire Resources NL (ASX: SRN). Readers can get the information by clicking here.
A Recent Update Related to Nufarm Limited
Nufarm Limited (ASX: NUF), on 25th November 2019, advised the market that during reconciling accounts with German customers for CY2019, the company identified additional sales rebate claims from customers which are related to FY19. This matter was immediately investigated with the company’s external auditors. The investigation is ongoing and, the release stated that, it is unlikely to result in a restatement of FY19 financial statements. However, it is expected to result in an adjustment to half year earnings of FY20.
The company also noted that the trading conditions have been difficult for FY20 to date, leading to lower earnings in all regions for Q1 against the previous year.
PolyNovo Limited Down 6.005% on Australian Securities Exchange or ASX
Chairman of PolyNovo Limited, Mr. David Williams, recently addressed the shareholders at the Annual General Meeting of 2019. The Chairman stated that the growth in the company has been extraordinary over the past year. The BTM sales for FY18 stood at $1.7 million and for the half year 31 December 2018, it was $3.7 million but by the year end of FY19 BTM sales stood at $9.3 million.
Growth is very strong in the US business and presence of PNV is changing clinical practice for many indications. It was added by the Chairman that BTM is being used in Burns, Trauma, Surgical reconstruction as well as disease states like Necrotising Facititis and Diabetic Ulcers. Application of the technology to Hernia and Breast would add depth to its presence in many hospitals.APT Daily Technical Chart (Source: Thomson Reuters)
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