As the investors are aware, Australian stock markets are sensitive to the performance of Australian economy as well as to the health of global economy.
At the close of trading session on 10th December 2019, S&P/ASX200 index was in red and touched 6706.9 with a fall of 23.1 points on an intraday basis. Also, there were some sectors that did not perform well during the session. S&P/ASX 200 Energy (Sector) ended at 11,499.6, reflecting a decline of 94.1 points. S&P/ASX 200 Information Technology (Sector), at the end of trading session on 10th December2019, stood at 1,425.5, indicting a fall of 0.77% on an intraday basis. On the close of trading day, All Ordinaries was also in red, down by 0.4% and settling at 6812.1.
However, it needs to be noted that some companies managed to close their trading session in green on 10th December 2019. Speedcast International Limited (ASX: SDA) inched upward by 5.556% and closed the session at a price of A$0.760 per share. Moreover, Orocobre Limited (ASX: ORE) closed the session at A$2.530 per share, registering a rise of 3.689% on an intraday basis.
We advise the readers to have a look at recently covered information on Magnetite Mines Limited (ASX: MGT) with a click here.
Speedcast International Limited Rose 5.556% on Australian Stock Exchange
Speedcast International Limited (ASX: SDA) ceased as a substantial holder in Southeastern Asset Management, Inc. on 9th December 2019. Moreover, S&P Global lowered SDA’s issuer credit rating from B to B-. Additionally, S&P Global maintained the outlook as negative.
Notably, Speedcast International has been pursuing numerous operational initiatives with regards to improving its cost profile, working capital and performance of cash flow. The company has been undertaking other initiatives targeted towards improving its financial position.
Orocobre Limited Releases Lithium Carbonate Pricing Guidance for December Quarter
Orocobre Limited (ASX: ORE), through a release dated 3rd December 2019, announced anticipated lithium carbonate pricing for the December quarter. Subject to achieving the planned shipping schedule, the indicative weighted average price of lithium carbonate sales for the December quarter is currently anticipated to be around US$5,400/tonne FOB.
Meanwhile, March 2020 quarter sales remain under negotiation. ORE is in a strong position, as the company has a robust balance sheet with the business continuing to focus on decreasing cost of production through the period of market weakness in order to maintain its position as one of the lowest cost producers of lithium chemicals.
ORE reported that the past twelve months in the lithium industry witnessed weak demand as well as new supply, which in turn depressed prices from the high levels seen in the previous year.SDA Daily Technical Chart (Source: Thomson Reuters)
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