Market Update: Performance of Markets on 29th May 2020

  • May 29, 2020 AEST
  • Team Kalkine
Market Update: Performance of Markets on 29th May 2020

The Australian equity market settled in green at the close of the trading session on 29th May 2020. S&P/ASX200 ended the trading session at 5755.7 with a decline of 95.4 points. Most of the sectors on ASX closed in red such as S&P/ASX 200 Consumer Discretionary (Sector), which experienced a fall of 1.68% to 2,310.8. S&P/ASX 200 Health Care (Sector) stood at 40,756.0, indicating a decline of 1106.1 points.

Northern Star Resources Ltd (ASX: NST) ended at $14.800 per share, with a rise of 7.636%. Clinuvel Pharmaceuticals Limited (ASX: CUV) soared by 6.979% to $24.220 per share.

S&P/NZX50 closed the trading session at 10,882, reflecting an increase of 0.24% on an intraday basis. Blackwell Global Holdings Limited (NZX: BGI) went up by 14.29% to NZ$0.008 per share. Allied Farmers Limited (NZX: ALF) zoomed up by 11.67% and ended at NZ$0.670. On the other hand, SeaDragon Limited (NZX: SEA) plunged by 9.09% to NZ$0.050 per share.

Recently, we have written an article on Mount Burgess Mining NL (ASX: MTB), and the readers can view the information by clicking here.

Austal Limited Rose 10.231% on Australian Stock Exchange (or ASX)

Austal Limited (ASX: ASB) has recently notified the market with the upgraded guidance for FY20. The company expects group revenue of around $2.0 billion and EBIT of minimum $125 million as compared to prior guidance of Group Revenue of at least $1.9 billion and EBIT of at least $110 million. In addition, the company expects US shipbuilding EBIT margin to be in the range of 7.5% to 8.5%. The upgraded guidance was supported by the strong performance of the company across its shipyards in Australia, the USA, Vietnam, and the Philippines. In another update, the company announced that BlackRock Inc. and subsidiaries have become substantial holder in the company with the voting power of 5.04%. The stock went up by 10.231% on 29th May 2020 due to the release of upgraded guidance for FY20.

Northern Star Resources Ltd Ended in Green on 29th May 2020

Northern Star Resources Ltd (ASX: NST) recently announced that BlackRock Inc. and subsidiaries have made a change to their holdings with the current voting power of 11.22% as compared to the previous voting power of 12.69%. During March 2020 quarter, the company reported the total gold sale of 239,031 ounces at an AISC (All-in-sustained -costs) of $1,590 per ounce. The Australian operations (including KCGM) reported a sale of 190,258oz at an AISC of $1,505/oz. The underlying free cash flow for the period stood at $89 million after the investment of around $66 million in growth capital and exploration. As at 31 March 2020, cash, bullion, and investments of the company stood at $551 Mn after completion of KCGM acquisition and drawing $200 Mn from corporate credit revolver facility.

 


Disclaimer
The video has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above video is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.

 

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