Market Update: Performance of Australian Market on 8th May 2020

  • May 08, 2020 AEST
  • Team Kalkine
Market Update: Performance of Australian Market on 8th May 2020

At the close of trading session on 8th May 2020, equity market of Australia was in green. The S&P/ASX200 ended at 5391.1, indicating a rise of 26.9 points on an intraday basis. S&P/ASX 300 Metals and Mining (Industry) stood at 3,899.1 with a rise of 1.18%. S&P/ASX 200 Consumer Discretionary (Sector) went up by 2.2% to 2,150.8. At the end of the week’s last session, All Ordinaries moved up by 38.1 points to 5488.

Some companies on ASX performed well, such as AP Eagers Limited (ASX: APE), which rose by 9.868% and settled at $5.010 per share. Webjet Limited (ASX: WEB) closed at $2.930, indicating an increase of 9.328%.

S&P/NZX50 witnessed a rise of 0.44% to 10,696 at the end of the session on 8th May 2020. Moa Group Limited (NZX: MOA) inched up by 13.58% and ended the session at NZ$0.184. SeaDragon Limited (NZX: SEA) zoomed up to 13.04% and settled at NZ$0.052 per share. However, Augusta Capital Limited (NZX: AUG) tumbled 5.26% to NZ$0.720.

Recently, we have covered some important information on Perpetual Resources Limited (ASX: PEC), and the readers can view the content by clicking here.

AP Eagers Limited Rose 9.868% on Australian Stock Exchange

AP Eagers Limited (ASX: APE) recently announced that Gregory James Duncan has made a change to holdings in the company by acquiring 15,558 ordinary shares for the consideration of $5.0715 per share. In another update, the company mentioned that Perpetual Limited and its related bodies corporate have ceased to become substantial holder in APE. In response to COVID-19, the company has decided to reduce its cost base by slashing its employee costs by around $6 million per month. The company possesses a healthy balance sheet comprising of cash and undrawn corporate debt facilities amounting to $270 million. The additional OEM working capital facilities of $122 million will increase its liquidity position to $392 million. The company is also expecting to wrap up the sale transaction of Refrigerated Logistics business on 30th June 2020.

Webjet Limited Ended in Green on 8th May 2020

Webjet Limited (ASX: WEB) recently notified the market that The Vanguard Group, Inc. and its controlled entities have ceased to become substantial holder in Webjet. The company has recently completed its Retail Entitlement Offer and has raised around A$118 million. This reflects the second stage of its equity raising of A$346 million through entitlement offer. The company will use these proceeds to cement its balance sheet. During 1H FY20, the company reported total transaction value (TTV) amounting to $2.3 billion with a rise of 25%. Revenue and NPAT for the same period moved up by 24% and 44% to $217.8 million and $55.1 million, respectively. The company has suspended its EBITDA guidance for FY20 due to continued uncertainty of the duration and scale of coronavirus pandemic.



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