Market Update: S&P/ASX200 Gained 2.2% in Previous One Month: What You Should Know?

2 min read | September 02, 2020 11:11 PM AEST | By Team Kalkine Media

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Market Update: S&P/ASX200 Gained 2.2% in Previous One Month: What You Should Know?

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On 2^nd September 2020, the equity market of Australia closed in green, and the benchmark index S&P/ASX200 rose by 109.8 points to 6063.2. The index has gained 2.2% in the span of one month. S&P/ASX 200 Consumer Staples (Sector) experienced a rise of 259.3 points to 12,743.3. S&P/ASX 200 Energy (Sector) moved up by 1.27% to 7,130.0. At the close of same trading session, All Ordinaries ended at 6251.8 with a rise of 108.6 points.

S&P/ASX200 Performance (Source: ASX)

On ASX, the share price of GWA Group Limited (ASX: GWA) soared by 8.163% to $2.650 per share. The stock of United Malt Group Limited (ASX:UMG) inched up by 6.234% to $4.090 per share.

Recently, we have written an article on BPH Energy Limited (ASX:BPH), and the readers can view the content by clicking here.

GWA Group Limited Reported Growth in Revenue

GWA Group Limited (ASX:GWA) recently released its FY20 results, wherein it reported a growth of 4% in total revenue to $398.7 million. Normalised earnings before interest and tax from continuing operations stood at $71.8 million, reflecting a fall of 8%. Normalised net profit after tax from continuing operations witnessed a fall of 12% to $44.9 million. The company declared a fully franked final dividend of 3.5 cents per share, taking the full-year dividend to 11.5 cents per share. The company generated strong operating cashflow with a cash conversion ratio of 96% for FY20. It also maintained a healthy balance sheet, which is likely to support the company to navigate through the current challenging conditions.

United Malt Group Limited to Upgrade Perth Malting Plant

United Malt Group Limited (ASX:UMG) has decided to invest $27 million to upgrade its Perth Malting Plant. The company added that its Australian-based business, Barrett Burston Malting will replace the existing kiln at its Welshpool facility with a new and indirect heating source kiln. In the month of May 2020, the company completed a pre-emptive capital raise of $170.6 million to bolster its balance sheet, which will help UMG to navigate through an extended period of market disruption. For 2H FY20, the company expects a total capital expenditure in the range of $50 million to $53 million.

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