Market Update:How Australian Markets Performed on 1st April 2020?

  • Apr 01, 2020 AEDT
  • Team Kalkine
Market Update:How Australian Markets Performed on 1st April 2020?

The Australian equity market ended in green at the close of first trading session of April 2020 (1st April 2020). The benchmark index S&P/ASX200 inched up by 181.8 points to 5258.6. Most of sectors on ASX settled in green such as S&P/ASX 200 Health Care (Sector), which surged 3.42% and stood at 42,657.5. S&P/ASX 200 Consumer Discretionary (Sector) closed at 1,940.1, reflecting a rise of 3.67%. All Ordinaries ended at 5290.7 with a gain of 3.52% at the end of same session.

Some companies on ASX performed exceptionally well during the session like Mayne Pharma Group Limited (ASX:MYX) which rose by 17.742% and ended at $0.365 per share. SkyCity Entertainment Group Limited (ASX:SKC) stood at $2.000 with a rise of 17.647%.

S&P/NZX50 ended the trading session at 9,926 with the gain of 1.32%. PGG Wrightson Limited (NZX: PGW) stood at NZ$1.900, indicating an increase of 10.47%. Just Life Group Limited (NZX: JLG) went up by 10.23% to NZ$0.485 per share. On the other hand, Smartpay Holdings Limited (NZX: SPY) witnessed a sharp fall of 12.86% and settled at NZ$0.305.

Recently, we have written some important information on SUDA Pharmaceuticals Ltd (ASX: SUD), which can be read by clicking here.

Mayne Pharma Group Limited Ended in Green on 1st April 2020.

Mayne Pharma Group Limited (ASX: MYX) recently announced that Investors Mutual Limited has made changes to their substantial holdings in MYX. The current voting power of Investors Mutual Limited stands at 8.70% as compared to the previous voting power of 9.74%.  As per the top management, 1H FY20 was disappointing owing to the increased competition in its key generic products. On a reported basis, EBITDA and revenue for the period stood at $34.6 Mn and $227.2 Mn with a decline of 47% and 17%, respectively. During 1H FY20, its reported net loss stood at $17.5 million because of lower earnings and restructuring expenses. The company manged to close half year 2020 with positive net operating cash flow after interest, tax and working capital of $46.2 million.

SkyCity Entertainment Group Limited Rose 17.647% on Australian Stock Exchange.

SkyCity Entertainment Group Limited (ASX: SKC), through a release dated 23rd March 2020, notified the market that it is closing its casino and entertainment facilities in Auckland, Hamilton and Queenstown in order to follow Government guidelines on the increasing fear of COVID-19 (Level 3 to Level 4). Moreover, the company has closed its Adelaide Casino on 23rd March 2020 to follow Australian Government’s guideline of mandatory closure of all licensed clubs, pubs, cinemas, casinos, nightclubs and places of worship. Due to the rising uncertainty arising from COVID-19, the company has suspended its earnings guidance for the year ending 30th June 2020. During 1H FY20, the reported EBITDA of the company stood at $407.5 million. For the same period, it declared interim dividend amounting to 10 cents per share, fully imputed.

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There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

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