Market Update: Performance of Markets on 22 May 2020

At the close of the trading session on 22 May 2020, equity market of Australia closed in red. S&P/ASX200 ended at 5497, reflecting a decline of 53.4 points. Most of the sectors on ASX closed in red such as S&P/ASX 200 Health Care (Sector), which went down by 868.4 points or 2.04% to 41,788.0. S&P/ASX 200 Energy (Sector) stood at 7,336.1 with a fall of 2.24%. All Ordinaries moved down by 52.1 points and settled the trading session at 5608.8.

On ASX, Smartgroup Corporation Ltd (ASX: SIQ) rose by 7.59% to $5.670 per share. Corporate Travel Management Limited (ASX: CTD) closed the day at $11.780 per share, with an increase of 6.318%. Lynas Corporation Limited (ASX: LYC) inched up by 6% to $2.120 per share.

S&P/NZX50 closed at 10,663 with a fall of 0.64% on May 22, 2020. Foley Wines Limited (NZX: FWL) soared by 6.06% to NZ$1.750. Geneva Finance Limited (NZX: GFL) zoomed up by 5.88% and settled the session at NZ$0.450. However, Blackwell Global Holdings (NZX: BGI) experienced a decline of 14.29% and ended the day at NZ$0.006 per share.

Recently, we have written some important information on NRW Holdings Limited (ASX:NWH), and the readers can view the article by clicking here.

Smartgroup Corporation Ltd Rose 7.59% on Australian Stock Exchange

Smartgroup Corporation Ltd (ASX: SIQ) recently announced that Mitsubishi UFJ Financial Group, Inc made a change to their holdings with the current voting power of 9.41% as compared to the previous voting power of 6.63%. In another update, the company notified the market that it is focusing on safeguarding the well-being of its employees and customers. The company is also focused on supporting and servicing those customers who provide essential services in an unprecedented time caused by COVID-19. SIQ operates an asset-light business model, which is well capitalised with cash balance of $60 million to support its business operations.

Corporate Travel Management Limited Ended in Green on 22nd May 2020

Corporate Travel Management Limited (ASX: CTD) recently notified the market that Invesco Australia Limited made a change to their holdings with the current voting power of 9.83% against the previous voting power of 10.84%. In another update, the company announced that Morgan Stanley and its subsidiaries have become substantial holder with the voting power of 5.22%. The company is in a strong liquidity position with a cash balance of $30 million and committed facility of around $200 million. The company has entered into an agreement with its existing banking group to waive all financial covenants for the calendar year 2020. The company is making investments in its technology platforms and feedback loops in order to deliver new solutions.

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