Market Update: S&P/ASX200 Closes The Session in Red: What Market Participants Need to Know?

The Australian stock market closed the trading session in red on 29th November 2019. The benchmark index, i.e. S&P/ASX200 settled at 6846, declining by 18 points or 0.3% on an intraday basis. Let us now have a look at the performances of some sectors. S&P/ASX 200 Financials (Sector) stood at 6,074.3 after a decline of 27.5 points and S&P/ASX 200 Information Technology (Sector) ended the trading session at 1,474.2, reflecting a fall of 0.27%. All Ordinaries closed the trading session at 6948, demonstrating a fall of 17.6 points or 0.3% on an intraday basis.

However, there were some companies that managed to close their session in green and provided market players an opportunity to make some money. Virgin Money UK Plc (ASX: VUK) ended the session at a closing price of A$3.350 per share, with a rise of 24.535% on an intraday basis. Another performer of the session was Mayne Pharma Group Limited (ASX: MYX), with a share price of A$0.465, up 5.682% on 29th November 2019.

Readers are advised that they should have a glance at the information which have been covered by us. We have covered notable information on four fintech companies i.e. Z1P, EML, APT and FXL. To read, please click here.

Virgin Money UK Plc Reports Full Year Results

Virgin Money UK Plc (ASX: VUK), on 29th November 2019, announced its full year results for FY19 and stated that they represent strong performance in comparison to the current market. Front book lending pricing remains resilient, despite competitive pressures. The business deposit pricing continues to offer funding at rates which are beneficial to its overall Group funding. The net interest margin of the company stood at 1.66% and underlying profit reached to £539 million.

The company also stated that it is investing in its business and well-placed to continue its momentum after three years of consecutive growth, ensuring responsible lending as well as managing risk through the cycle.

Mayne Pharma Group Limited Up 5.682% on Australian Securities Exchange.

Mayne Pharma Group Limited (ASX: MYX) recently announced that Ron Best ceased to be a Director in the company from 22nd November 2019. Moreover, key personnel of the company addressed the shareholders and stated that, in FY19, Mayne reported revenue amounting to $525 million, reflecting a fall of 1% against pcp. The company posted a gross profit of $290 million, up 13% year-on-year with EBITDA amounting to $112 million, down 4% on pcp.

The net loss after tax for the period was impacted by intangible asset impairments in generic area. The impairment, which was disappointing, resets balance sheet and is expected to improve reported net profit and earnings per share (or eps) in the future period. However, net operating cash flow was an inflow amounting to $107 million enabling net debt to reduce in 2H by $18 million to $280 million.

VUK Daily Technical Chart (Source: Thomson Reuters)


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