Market Update: How Australian Markets Performed on November 8, 2019. What Investors Need to Know As the mar

  • Nov 08, 2019 AEDT
  • Team Kalkine
Market Update: How Australian Markets Performed on November 8, 2019. What Investors Need to Know  As the mar

As the market players are aware, performance of Australian stock markets is generally influenced by the performance of global stock markets as well as by the health of global economy. If the tensions related to global growth increases, investors might decide to liquidate their holdings in equities and make deployments towards safer assets. If the global growth gets hampered, the impact can also be felt by the Australian economy and equities.

At the close of market on 8th November 2019, S&P/ASX200 ended the trading session in red with a fall of 2.5 points and stood at 6724.1. On the same day, All Ordinaries closed the trading session in red, reporting a decline of 0.1% or 3.7 points on an intraday basis and the index stood at 6833.2. However, there were some companies that managed to close the trading session in green on Australian Securities Exchange (or ASX).

At the end of session on 8th November 2019, Galaxy Resources Limited (ASX: GXY) closed the trading session at a price of A$1.095 per share, with a rise of 8.416%. On the same day, Orocobre Limited (ASX: ORE) closed at a price of A$2.790 per share with an increase of 6.084% on an intraday basis.

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Announcement of Strategy Briefing Day by Galaxy Resources Limited: A Quick Look

Galaxy Resources Limited (ASX: GXY), on 8th November 2019, announced that it would be conducting strategy briefing day on 21st November 2019. GXY added that the purpose for conducting the strategy briefing day is to provide further information in relation to the company’s strategic direction and plans for the development of its lithium project portfolio.

In Q3 FY19 activities report, the company stated that the Total Recordable Injury Frequency rate (TRIFR) for the rolling 12 months ended 30 September 2019 stood at 16.73. For Q4 FY19, the company is targeting lithium concentrate production volume in the range of 35,000 – 45,000 dmt, reflecting full year production guidance in the ambit of 183,000 – 193,000 dmt. In addition, the company is expecting shipment volumes of 30,000 – 40,000 dmt for Q4 FY19. However, the shipment volumes would be dictated by the pace at which customers are capable to destock existing inventory levels.

Orocobre Limited Rose 6.084% On November 8, 2019

Orocobre Limited (ASX: ORE), recently through a release dated 23rd October 2019, updated the market participants that Advantage Lithium Corporation released a summary of a Pre-Feasibility Study in accordance with Canadian standards on the Cauchari Lithium Project to the TSXV. In the release, it was added that Advantage holds a 75% interest in the project and is the manager, whilst ORE holds an interest of 25%.

GXY Daily Technical Chart (Source: Thomson Reuters)


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