Market Update: How Australian Markets Performed on October 24, 2019?

As market players are aware, rise in global uncertainties might impact the core business activities of global companies and can also weigh over the performance of broader Australian economy. If the growth of Australian economy gets impacted, Australian equities can also witness negative impacts as investors might decide to sell their holdings in stocks and make deployments in safer asset classes. We would now have a look at the performance on October 24, 2019.

S&P/ASX200 ended the session in green, as there was an increase of 20.5 points or 0.3% on an intraday basis to end the session at 6693.6. On the same day, All Ordinaries closed the session at 6796.7, which implies a rise of 0.3% or 18.5 points on an intraday basis. We would now have a look at how individual stocks performed on October 24, 2019.

On Australian Securities Exchange, The Star Entertainment Group Limited (ASX: SGR) ended the session in green, reporting a rise of 5.381% and ending the session at A$4.700 per share. On the same day, WiseTech Global Limited (ASX: WTC) and Nearmap Ltd (ASX: NEA) closed the session in red, as there was a fall of 6.835% and 5.051%, respectively, in their share price on an intraday basis.

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A Recent Update on JB Hi-Fi Limited

JB Hi-Fi Limited (ASX: JBH) released its Q1 FY 2020 sales update, reporting total sales growth for JB H-FI Australia of 4.7% as compared to 5.3% in the pcp with the comparable sales growth of 3.7% (as compared to pcp figure of 3.4%). The total sales growth for JB HI-FI New Zealand stood at 3.8% while in pcp it was 4.0%, with the comparable sales growth of 3.8% (9.8% in Q1 FY 2019). During the first quarter of FY 2020, total sales growth for The Good Guys stood at -0.5% (while in pcp it was 2.3%), with the comparable sales growth of -1.8% (as compared to 1.0% in pcp).

The release issued by the company also contained information about sales guidance for FY 2020. The company reaffirmed its previously announced guidance for FY2020 of total sales of around $7.25 billion. Out of this, JB HI-FI Australia is expected to contribute $4.84 billion, JB HI-FI New Zealand might contribute (NZD) $0.24 billion and The Good Guys is expected to make a contribution of $2.18 billion.

Let us now have a look at how the stock of JBH performed on ASX. On October 24, 2019, the stock price of JBH ended the session in green, as there was an increase of 6.766% and the session was closed at A$36.450 per share.

JBH Daily Technical Chart (Source: Thomson Reuters)

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