Market Update: Performance of Australian markets on 31st March 2020

  • Mar 31, 2020 AEDT
  • Team Kalkine
Market Update: Performance of Australian markets on 31st March 2020

On 31st March 2020, the equity market of Australia closed in red and the S&P/ASX200 stood at 5076.8 with a fall of 104.6 points. On the same day, S&P/ASX 300 Metals and Mining (Industry) went down by 4.01% to 3,483.6 and S&P/ASX 200 Materials (Sector) closed at 10,549.9, reflecting a fall of 391.1 points. Notably, All Ordinaries witnessed a decline of 1.61% to 5110.6.

Despite the fall in overall equity market, some companies managed to close the session in green like Credit Corp Group Limited (ASX: CCP), which rose by 25.481% and settled at $13.690. EML Payments Limited (ASX: EML) stood at $2.300 per share with a gain of 23.324%.

S&P/NZX50 went up by 1.40% to 9,797. Gentrack Group Limited (NZX: GTK) experienced a rise of 40.00% and closed at NZ$1.400 per share. Smartpay Holdings Limited (NZX: SPY) inched up by 16.67% to NZ$0.350 per share on an intraday basis. When it comes to losers, Abano Healthcare Group Limited (NZX: ABA) plunged 11.67% and stood at NZ$1.590.

Previously, we have written an article on CV Check Limited (ASX: CV1) along with some important information. Please click here to read the article.

Credit Corp Group Limited Rose 25.481% on ASX

Credit Corp Group Limited (ASX: CCP) recently announced that Macquarie Group Limited and its controlled bodies corporate have become an initial substantial holder in the company with voting power of 5.80%. In another update, the company stated that it has suspended its earnings and investment guidance for 2020 owing to the uncertain impacts from the spread of coronavirus. The company possesses strong balance sheet and funding positions, with cash and undrawn credit lines amounting to $170 million under facility agreements which will mature in 2022 and 2023. During 1H20, the company reported net profit after tax of $38.6 million with a rise of 15%. Its consumer loan book witnessed the growth of 13% to $230 million.

EML Payments Limited Ended in Green on 31st March 2020.

EML Payments Limited (ASX: EML) referred to its announcement dated 11th November 2019, wherein, it entered into agreement for the acquisition of Prepaid Financial Services for the upfront payment amounting to GBP226 million plus an earn-out over 3 years of GBP 55 million. However, the terms of the agreement have now been renegotiated, which mainly include upfront acquisition enterprise valuation of GBP131.5 million reflecting a decline of GBP94.5 million. The company will now pay cash payment of GBP85 million, which reduced from GBP 185.2 million. It also stated that the cash payment will be fully financed from the cash reserves of around A$278 million following its equity raise issued at A$3.55 in November 2019. In another update, the company announced that Greencape Capital Pty Ltd has made a change to their holdings in the company with the current voting power of 7.54% as compared to the previous voting power of 6.27%.

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