S&P/ASX200 ended the session in green as the index witnessed a rise of 2.93% to 5780 and, on the same day, All Ordinaries rose by 2.79% or 160 points to 5889.9. Notably, S&P/ASX 200 Energy (Sector) rose by 2.83%.
Let us now quickly have a look at the performance of stocks on ASX. On May 26, 2020, Southern Cross Media Group Limited (ASX: SXL) and Smartgroup Corporation Ltd (ASX: SIQ) ended the session in green as the prices of these stocks witnessed rise of 15.625% and 12.65%, respectively on an intraday basis. On the other hand, Pinnacle Investment Management Group Limited (ASX: PNI) witnessed a fall of 2.644% to $4.050 per share.
On May 26, 2020, S&P/NZX50 witnessed a rise of 1.29% to 10,915 while, on the same day, S&P/NZX20 witnessed a rise of 1.51% to 7,358.
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Completion of Equity Raising By Southern Cross Media Group Limited: A Brief Look
Southern Cross Media Group Limited (ASX: SXL) has recently made an announcement about the completion of fully underwritten equity raising. The company stated that equity raising comprised a placement to institutional as well as sophisticated investors and a 1.75 for 1 accelerated pro-rata non-renounceable entitlement offer of fully paid ordinary shares in the company. Notably, equity raising raised around $169 Mn (prior to transaction costs).
SIQ Ended in Green on ASX on May 26, 2020
In the release dated March 27, 2020, Smartgroup Corporation Limited (ASX: SIQ) provided an update with respect to the coronavirus pandemic and the actions it has been taking in response to evolving situation. The company’s focus is towards safeguarding the well-being of employees and customers, as well as servicing and supporting those customers who provide essential services at this time.
The company noted that performance for 2 months to February 29, 2020 was in line with performance for the corresponding period in 2019. After recent public health measures which have been implemented, as well as corresponding impact on the economic activity, the business of the company is witnessing signs of reduced business activity.
GrainCorp Posted Robust 1H Result
GrainCorp Limited (ASX: GNC) has recently reported profit after tax amounting to $388 Mn for the half-year to March 31, 2020, which reflects significant repositioning of portfolio, including the sale of Australian Bulk Liquid Terminals business as well as demerger of United Malt. Notably, the company’s underlying EBITDA amounted to $183 Mn and underlying NPAT stood at $55 Mn, both up significantly on pcp.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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