Market Update: Overview of Performance of Australian Markets on 6 November 2019

  • Nov 06, 2019 AEDT
  • Team Kalkine
Market Update: Overview of Performance of Australian Markets on 6 November 2019

Australian stock markets are sensitive to the performance of global markets. If unfavorable momentum is witnessed in the global markets, the impact can also be felt on Australian equities. Needless to say, the health of global economy can also affect the performance of stocks markets in Australia.

On 6th November 2019, S&P/ASX200 ended the trading session in red and posted a decline of 36.9 points or 0.6%, closing the day at 6660.2. On the same day, All Ordinaries also closed the trading session in red, as index stood at 6773.2 after experiencing a fall of 0.6%. However, there were some companies that ended the session in green on Australian Securities Exchange (or ASX).

On the trading day of 6th November 2019, Corporate Travel Management Limited (ASX: CTD) ended the session at a price of A$19.760 per share, up 9.961%. On the same session, Pendal Group Limited (ASX: PDL) settled at a price of A$8.200 per share with a rise of 9.479%.

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Confirmation of Guidance by CTD

Corporate Travel Management Limited (ASX: CTD), today on 6th November 2019, confirmed its full year guidance of underlying EBITDA in the range of $165 Mn-175 Mn, indicating growth of around 10%-16.5% against previous year. With respect to the European region, CTD stated that the region performed well in difficult conditions due to strong execution, record client wins, cost management as well as diversity in the CTM client portfolio. The region also witnessed month on month activity improvements since August, with October activity recovering to the same levels as the prior year, reflecting that corporate activity can rebound quickly.

For the Asia region, CTD mentioned 1H conditions as challenging; however, it anticipates a positive comparative full year result, considering the very weak outcome in 2H FY19, integration benefits, as well as the momentum from client wins throughout all segments of the business.

The company continues to focus on enhancing its value proposition to customers in order to ensure a sustainable competitive advantage over the long term, despite the macro-economic factors.

A Recent Update on Pendal Group Limited

Pendal Group Limited (ASX: PDL), on 6th November 2019, announced to have authorised the Trustee of its Group Employee Equity Plans to purchase the company’s shares up to a value of $38.1 Mn to assist in delivering its share requirements for the next 12 months. It is expected that the shares would be acquired off-market from employees whose shares have been released from restriction under the Plans. It was also mentioned that the pricing of acquisitions would be determined by the Trustee and would reflect the market price at the time of purchase.

CTD Daily Technical Chart (Source: Thomson Reuters)


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