Australian markets are sensitive to news related to the global economy as well as to the health of Australian economy. If hurdles to global growth increases, investors might sell their holdings in stocks. Generally, in the event of slowdown, investors tend to reduce their allocations towards equities, and they decide to make deployments towards safer asset classes.
On October 18, 2019, S&P/ASX200 closed the session in red, as there was a fall of 35 points or 0.5% and the session ended at 6649.7. All Ordinaries encountered a decline of 0.5% or 33.1 points to end the session at 6758.4. We would now be looking at how individual stocks performed on Australian Securities Exchange (or ASX).
On October 18, 2019, IOOF Holdings Limited (ASX: IFL) closed the day in green, as there was an increase of 3.546% to end the session at A$7.300 per share. On the same day, St Barbara Limited (ASX: SBM) and Afterpay Touch Group Limited (ASX: APT) closed the day in red, as these stocks fell by 8.993% and 7.286%, respectively.
We have provided crucial information about stocks that could be beneficial for readers. We recently covered Musgrave Minerals Limited (ASX: MGV) and provided important information about it. We advise investors to have a quick look at it by clicking here. We also covered Northern Cobalt Limited (ASX: N27) and the readers can view by clicking here.
Overview of FY 2019 Results of Bravura Solutions Limited
Bravura Solutions Limited (ASX: BVS) earlier made an announcement about full-year results for the period ended June 30, 2019, reporting strong growth across the broad product suite along with continued operating leverage expansion. The company’s FY 2019 revenue rose by 16% and the figure stood at A$257.7 million as compared to the FY 2018 figure of A$221.5 million and its EBITDA witnessed a rise of 27% to A$49.1 million. The company attributed FY 2019 results to robust growth of the Bravura product suite. BVS has a robust financial position and its operating cash flow amounted to A$46.5 million, which represents a cash conversion of 95%.
The release by the company also covered some information about the outlook. It was added that BVS has robust sales pipeline in key markets as well as geographical regions, comprising numerous established financial institutions evaluating the suitability of products as well as digital offerings to replace their legacy or the competitor systems. It was also reported that continued investment in Sonata, financed by Bravura as well as its clients, supports the client demand and extends the product’s market-leading position.
We would now be having a look at how BVS performed on ASX. On October 18, 2019, the stock price of BVS ended the session in green, as there was an increase of 7.181%, settling at A$4.030 per share.BVS Daily Technical Chart (Source: Thomson Reuters)
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