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At the close of trading session on 30th April 2020, Australian equity market settled in green. S&P/ASX200 gained 129 points to 5522.4. S&P/ASX 200 Industrials (Sector) went up by 3.95% and closed at 5,617.5. S&P/ASX 200 Materials (Sector) experienced a rise of 361.4 points to 12,049.4. At the end of the same trading session, All Ordinaries settled at 5597.7, up by 133.9 points or 2.45%.
On ASX, AP Eagers Limited (ASX: APE) rose by 25.672% to $5.140 per share and Nearmap Ltd (ASX: NEA) closed at $1.525 per share, reflecting a rise of 18.217%.
S&P/NZX50 went down by 1.26% and settled the session at 10,532. EROAD Limited (NZX: ERD) inched up by 8.40% to NZ$2.710 per share. Smartpay Holdings Limited (NZX: SPY) soared 7.37% and closed the day at NZ$0.510. On the other hand, Geo Limited (NZX: GEO) experienced a sharp fall of 20% and ended at NZ$0.064 per share.
Recently, we have written some important information of Noxopharm Limited (ASX:NOX), and the readers can view the content by clicking here.
AP Eagers Limited Ended in Green on 30th April 2020
AP Eagers Limited (ASX:APE) has recently updated the market on its response to COVID-19 and stated that its dealerships business is operational and is prioritising the safety of employees and customers. During mid-March 2020, the company has decreased its workforce by around 1,200 roles, reflecting the reduction of cost base by around $6 million per month. APE also informed the market that divestment of Refrigerated logistics is likely to be completed on 30th June 2020. The company possesses a solid balance sheet comprising $270 million of cash and undrawn corporate debt facilities with a spread of maturities to December 2023. This robust balance sheet places the company to navigate the crisis and future uncertain operating environment.
Nearmap Ltd Rose By 18.217% on ASX
Nearmap Ltd (ASX:NEA) recently notified the market that it has not witnessed any material impact from COVID-19 on the current trading conditions. The company is undertaking cost management initiatives to maintain a healthy balance sheet, maximise feasibility and preserve cash for the future. NEA would continue with its investment initiatives like roof geometry content and commercialisation of Artificial Intelligence.
Credit Corp Group Focuses on Strengthening The Balance Sheet
Credit Corp Group (ASX:CCP) announced that it has successfully completed its institutional placement to raise $120 million. The company would issue 9,600,000 new shares at the offer price of $12.50 per share. In addition, the company would offer a Share Purchase plan to eligible existing shareholders for raising around $30 million. CCP’s primary objective for raising equity is to strengthen the balance sheet and building flexibility. The company would utilise the proceeds to decrease the debt position and to support the business during the current macro-economic uncertainty caused by COVID-19. The company has also executed short-term cost reductions of $2 million per month in order to protect cash flows.
