Market Update: S&P/ASX200 Ended the Session in Green: A Brief Look

June 01, 2020 11:52 PM AEST | By Team Kalkine Media

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Market Update: S&P/ASX200 Ended the Session in Green: A Brief Look

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On June 1, 2020, S&P/ASX200 closed at 5819.2 which reflects a rise of 63.5 points or 1.10% and, on the same day, All Ordinaries witnessed an increase of 1.13% or 66.2 points to 5938.4. Let us now quickly have a look at the performance of individual stocks on ASX.

Austal Limited (ASX:ASB) ended the session in green as the stock witnessed an increase of 9.281% on an intraday basis to A$3.650 per share and, on the same day, BINGO Industries Limited (ASX:BIN) rose by 7.203% on an intraday basis to A$2.530 per share. On the other hand, Platinum Asset Management Limited (ASX:PTM) and Nearmap Ltd (ASX:NEA) ended the trading session in red as the prices of these stocks witnessed a fall of 5.514% and 4.367%, respectively on an intraday basis.

We have written some important information on Fortescue Metals Group Limited (ASX:FMG) which could be beneficial for the market participants. To view the information provided, please click here.

NCM Ended the Session in Green

Newcrest Mining Limited (ASX:NCM) has stated that it wrapped up share purchase plan (or SPP) which was announced on April 30, 2020, garnering around A$200 Mn.

The SPP follows the company’s successful completion of a A$1.0 Bn placement, which was made to institutional investors, that was conducted at an issue price amounting to A$25.60 per share.

The company’s Chairman named Peter Hay stated that these funds, along with A$1.0 Bn garnered in the recent institutional placement as well as free cash flow generation, ensures that the company’s balance sheet is robust and positions it well to finance future growth options.

SXL Completed Equity Raising

Southern Cross Media Group Limited (ASX:SXL) has recently made an announcement that it has successful wrapped up fully underwritten equity raising.

The company added that it consisted placement to sophisticated and institutional investors as well as 1.75 for 1 accelerated pro-rata non-renounceable entitlement offer of ordinary shares (fully paid) in the company. SXL stated that equity raising has garnered around $169 Mn (before transaction costs).

The company also added that it achieved positive EBITDA in April. As per the release, revenue declines were partially offset by the operating cost reductions. Moreover, the company considers itself eligible for JobKeeper Allowance for around 1,750 of its employees and the subsidy is included in operating cost reductions for April. Notably, at May 4, 2020, the company’s net debt amounted to $161.8 Mn. This included receipt of the full net proceeds of equity raising.

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