Market Update: How Australian Markets Performed on October 28, 2019?

  • Oct 28, 2019 AEDT
  • Team Kalkine
Market Update: How Australian Markets Performed on October 28, 2019?

As the market trackers are aware, Australian stock markets are generally affected by the health of global economy as well as by the performance of Australian economy. If the performance of Australian economy gets impacted, investors might decide to reduce their allocations towards equities, and some might also liquidate their holdings. We would now have a look at the performance. On October 28, 2019, S&P/ASX200 ended the session in green, as the index witnessed a rise of 1.5 points and finally the session closed at 6740.7. On the same day, All Ordinaries closed the session in green, as there was a rise of 1.5 points to close the session at 6842.5.

Let us now have a look at the performance of individual stocks on Australian Securities Exchange. On October 28, 2019, Galaxy Resources Limited (ASX: GXY) closed the session in green, as the stock price witnessed a rise of 6.587% and finally the stock closed at A$0.890 per share. We would now have a look at some of the stocks which ended in red. On ASX, SIMS Metal Management Limited (ASX: SGM) and Gold Road Resources Limited (ASX: GOR) witnessed a fall of 8.821% and 3.814%, respectively.

We have provided some crucial information on the stocks and we advise the market trackers to have a quick look at it as the information might be beneficial for them. We have covered Parkway Minerals NL (ASX: PWN) and have provided some useful information for the market participants. They can have a quick look at the information by clicking here.

Wrapping Up of A$55.0 Million Strategic Investment: A Quick Look

Pilbara Minerals Limited (ASX: PLS) announced to have completed A$55.0 Mn strategic investment by Contemporary Amperex Technology (Hong Kong) Limited (or CATL) that follows completion of CATL’s A$35.0 Mn Tranche 2 placement. CATL executed the share subscription agreement for A$55.0 Mn strategic investment in Pilbara Minerals, split into 2 tranches, according to relevant approval conditions. The A$35.0 Mn, which has been received, finalises the wrapping up of Tranche 2 of CATL Placement as well as follows significant shareholder support shown for CATL Placement at Pilbara Minerals’ General Meeting on October 16, 2019.

The shares issued to CATL throughout Tranche 1 and 2 of CATL Placement totalled around 183.33 Mn fully paid ordinary shares that were issued at a price of A$0.30 per share. Earlier, in the release dated October 14, 2019, Pilbara Minerals advised that it had received applications totalling around A$27.3 Mn under the share purchase plan in order to raise up to A$20 Mn.

We would now be having a look at how the share of Pilbara Minerals Limited performed on Australian Securities Exchange. On October 28, 2019, the share of Pilbara Minerals ended the session in green, as there was a rise of 10.714% and the stock closed the session at A$0.310 per share.

PLS Daily Technical Chart (Source: Thomson Reuters)

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