Market Update: S&P/ASX200 Ended in Red on 6th March 2020: A Brief Look

3 min read | March 06, 2020 10:58 PM AEDT | By Team Kalkine Media

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Market Update: S&P/ASX200 Ended in Red on 6th March 2020: A Brief Look

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The equity market of Australia settled in red on 6^th March 2020 and the index S&P/ASX200 closed at 6216.2 with a fall of 179.5 points. During the session, most of the sectors showcased heavy decline including S&P/ASX 200 Materials (Sector), which plunged by 330.8 points and stood at 12,194.2. S&P/ASX 200 Health Care (Sector) closed at 44,343.4 with the fall of 390.1 points. At the close of same trading day, All Ordinaries stood at 6287.5, down by 2.9%.

Many companies fell on ASX such as oOh!media Limited (ASX: OML) which experienced a fall of 11.152% and AVITA Medical Ltd (ASX: AVT) which fell by 11.024%. It looks like the fall in ASX shares is due to increasing torture of COVID-19 and its economic impact globally.

In spite of fall in overall market, some companies on ASX closed in green. Saracen Mineral Holdings Limited (ASX: SAR) closed at $4.290 per share reflecting a rise of 5.926%. Gold Road Resources Limited (ASX: GOR) went up by 5.091% and settled at $1.445 per share.

At NZX Main Board, PaySauce Limited (NZX: PYS) soared 13.56% and stood at NZ$0.670 per share. Pacific Edge Limited (NZX: PEB) rose by 7.50% and closed at NZ$0.129 per share. On the other hand, Smartpay Holdings Limited (NZX: SPY) ended at NZ$0.490 per share reflecting a drop of 6.67%.

Recently, we have written some important information about Cassini Resources Limited (ASX:CZI) and we advise the investors to have a quick glance at the information provided. This could be beneficial for them. To view, please click here.

Saracen Mineral Holdings Limited Closed in Green on ASX

Saracen Mineral Holdings Limited (ASX:SAR) recently released its results for the six months ended 31^st December 2019, wherein, it reported underlying net profit after tax amounting to $80.2 million with a rise of 84%. The company reported growth of 45% and 35% in revenue and operating cashflow, which amounted to A$409.9 Mn and A$152 Mn, respectively.

Moreover, it reported a rise of 22% in gold production to 216,452 ounces, which includes a one-month contribution from the Super Pit.

As at 31^st December 2019, the cash and equivalents stood at A$283.8 Mn. On the outlook front, the company is on track to achieve its production guidance of +500,000oz for FY20.

Gold Road Resources Limited Surged by 5.091% on 6^th March 2020.

Gold Road Resources Limited (ASX:GOR) recently announced that The Vanguard Group, Inc and its controlled entities have become an initial substantial holder in the company with the voting power of 5.008%. As at 31^st December 2019, the net cash balance of the company stood at A$20.9 Mn. The strong cash generation enabled the company to repay A$38 Mn of debt in January.

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