Market Update: Performance of Markets on 14th May 2020

  • May 14, 2020 AEST
  • Team Kalkine
Market Update: Performance of Markets on 14th May 2020

The equity market of Australia settled in red at the close of session on 14th May 2020. The benchmark index S&P/ASX200 fell by 1.72% to 5328.7. S&P/ASX 200 Consumer Discretionary (Sector) went down by 24 points to 2,137.5. S&P/ASX 200 Industrials (Sector) ended at 5,372.7, reflecting a decline of 91.3 points. At the end of the same trading session, All Ordinaries experienced a fall of 95.7 points to 5418.

Some companies on ASX performed well and ended in green such as GrainCorp Limited (ASX: GNC), which zoomed up to 11.55% and closed at $3.670 per share. Breville Group Limited (ASX: BRG) went up by 6.684% to $19.950 per share.

Coming to New Zealand Market, S&P/NZX50 ended the session at 10,745, reflecting a fall of 0.41%. Fletcher Building Limited (NZX: FBU) soared 5.94% to NZ$3.390. Pushpay Holdings Ltd (NZX: PPH) ended the session at NZ$6.850, indicating an increase of 4.58%. However, Comvita Limited (ASX: CVT) plunged 14.69% to NZ$4.180 per share.

Recently, we have written some important information on Middle Island Resources Limited (ASX: MDI), and the readers can view the article by clicking here.

GrainCorp Limited Rose 11.55% on the Australian Stock Exchange

GrainCorp Limited (ASX: GNC) has recently released its results for the half-year ended 31st March 2020, wherein, it reported a profit after tax amounting to $388 million. This indicates a significant repositioning of GNC’s portfolio, which include the sale of the Australian Bulk Liquid Terminals business and the successful demerger of United Malt. Underlying EBITDA and underlying NPAT for the period amounted to $183 million and $55 million, respectively.

During 1H FY20, the company has revised its capital structure in order to ensure minimal core debt. The company has maintained a disciplined approach for capital management and reported total capex amounting to $11 million during 1H FY20. For FY20, GrainCorp anticipates capex in the range of $35 million -$45 million.

Breville Group Limited Ended in Green on 14th May 2020

Breville Group Limited (ASX: BRG) has recently notified the market that it has successfully wrapped up A$94 Mn fully underwritten institutional placement of around 5.5 Mn new fully paid ordinary shares at the price amounting to A$17.00 per new share. As per the release, proceeds of placement would be utilised towards enhancing the financial flexibility for in order to continue to invest towards execution of growth agenda while, at the same time, maintaining robust financial position.

The company also stated that, after completion of placement, it would be offering all the eligible shareholders an opportunity to take part in underwritten SPP (or Share Purchase Plan).

As per the announcement made, the eligible shareholders can subscribe for up to $30,000 each in the additional shares. Notably, it will be free of brokerage or transaction costs. However, SPP would be capped at $10 Mn.

 


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