Market Update: Understanding Performance of S&P/ASX200 on 28th November 2019

  • Nov 28, 2019 AEDT
  • Team Kalkine
Market Update: Understanding Performance of S&P/ASX200 on 28th November 2019

The performance of Australian markets is sensitive to macro-economic factors as well as health of the global economy. Also, performance of the Australian economy can influence performance of Australian equities.

On the close of trading session on 28th November 2019, the benchmark index S&P/ASX200 settled at 6864, inching upward by 13.4 points or 0.2%. S&P/ASX 200 Communication Services (Sector) stood at 1,333.7, gaining 2.8% on an intraday basis, while S&P/ASX 200 Health Care (Sector) moved upward by 319.4 points to close the session at 41,733.8. All Ordinaries also ended the session in green, with a surge of 0.2% to 6965.6.

A number of companies performed well during the session. The stock of Service Stream Limited (ASX: SSM) settled at a price of A$2.500 per share, up 5.042% on an intraday basis. In the same trading session, Telstra Corporation Limited (ASX: TLS) ended the session at A$3.860 per share, reflecting an increase of 4.043%.

We advise the investors to have a look at the articles that have been published, covering some key company updates. Readers can get the information about HUB, TNE and WTC by clicking here.

Service Stream Limited Ends Session in Green on 28th November 2019

Service Stream Limited’s (ASX: SSM) Chairman recently addressed shareholders, unveiling that FY19 marked another extremely successful period for the company, during which SSM further enhanced group performance as well as increased returns to its shareholders. SSM witnessed a rise of 41% in EBITDA and the figure stood at $93.3 million with Comdain Infrastructure contributing an amount of $11.2 million in the six months to 30th June 2019, in accordance with market guidance.

Net profit after tax reached at the mark of $57.7 million, reflecting a rise of 39%. Additionally, SSM’s total dividends for FY 2019 witnessed a rise of 20% to 9 cents per share (fully franked).

Service Stream delivered another year of growth with significant improvements recorded for FY 2019 across the key profitability measures. The year was highlighted by acquisition of Comdain Infrastructure on 2nd January 2019, as well as its contribution towards SSM’s earnings for 2H of the financial year. SSM expects network construction to be relatively flat with a slower than anticipated ramp-up of the 5G launch by the telecommunication clients.

Telstra Corporation Limited Up 4.043% on ASX

Telstra Corporation Limited (ASX: TLS), on 27th November 2019, released an investor presentation, in which the company highlighted that the T22 strategy is doing multiple jobs, targeted towards delivering cost reductions as well as simplifying the business. Moreover, it is also about delivering revenue and profit margin benefits.

SSM Daily Technical Chart (Source: Thomson Reuters)

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