At the close of the trading session on 8th July 2020, Australian equity market settled in red. The benchmark index S&P/ASX200 stood at 5920.3 with a fall of 92.6 points or 1.54%. S&P/ASX 200 Consumer Discretionary (Sector) went down by 2.42% to 2,427.7. S&P/ASX 200 Energy (Sector) experienced a drop of 115.1 points and closed at 7,299.2. At the end of the same session, All Ordinaries stood at 6034.3, reflecting a decline of 92.4 points.
On ASX, the stock of Northern Star Resources Ltd (ASX: NST) moved up by 6.456% to $14.840 per share. The share price of Perseus Mining Limited (ASX: PRU) inched up by 5.618% and ended the session at $1.410 per share.
Stock Performance (Source: ASX)
S&P/NZX50 settled the trading session at 11,707 with a fall of 0.31%. The stock of Blackwell Global Holdings Limited (NZX: BGI) rose by 22.22% to NZ$0.022 per share. The share price of Chatham Rock Phosphate Limited (NZX: CRP) soared by 10.53% to NZ$0.210 per share. On the other hand, the stock of New Talisman Gold Mines Limited (NZX: NTL) tumbled by 14.29% to NZ$0.006 per share.
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Northern Star Resources Ltd Soared by 6.456% Due to the Release of June Quarter Results.
Northern Star Resources Ltd (ASX: NST) recently released its results for June 2020 quarter, wherein, the company stated that it has generated underlying free cash flow amounting to $217.9 million from the sale of 262,717oz. This brought total sales for FY20 to 900,388oz while gold produced stood at 905,177oz. The company announced to pay FY20 fully franked interim dividend of A7.5 cents per share on July 16, which was postponed when the company suspended its guidance.
The company also drew down an additional A$200 million in debt during the quarter ended March 2020. However, the company has repaid that A$200 million on 6th July and reduced its corporate bank debt to A$500 million.
Perseus Mining Limited Rose by 5.618% on the Australian Securities Exchange.
Perseus Mining Limited (ASX: PRU) has been added to the S&P/ASX 200 Index, which became effective on 22nd June 2020. In another update,
It was mentioned that Perseus Mining Limited (ASX: PRU) and Exore Resources Limited (ASX: ERX) have entered into the Scheme Implementation Deed under which it is proposed that Perseus (or a subsidiary of Perseus) would be acquiring 100% of the issued share capital of Exore by way of scheme of arrangement.
During the quarter ended March 2020, the company maintained a targeted cash margin of over US$400 per ounce of gold produced, which generated notional cash flow of around US$24 million from operations.