S&P/ASX200 Falls 1.16%; IAG Declined By 7.80%

  • Jul 24, 2020 AEST
  • Team Kalkine
S&P/ASX200 Falls 1.16%; IAG Declined By 7.80%

On 24th July 2020, Australian equity market settled in red, and the benchmark index S&P/ASX200 moved down by 1.16% to 6024. S&P/ASX200 Consumer Discretionary (Sector) stood at 2,500.9 with a fall of 19.2 points. S&P/ASX 200 Energy (Sector) witnessed a decline of 1.04% to 7,435.5. At the close of the same trading session, All Ordinaries went down by 65.9 points to 6148.

S&P/ASX200 Performance (Source: ASX)

On ASX, the share price of IGO Limited (ASX: IGO) went up by 4.836% to $5.420 per share. The stock of TPG Telecom Limited (ASX: TPG) inched up by 4.7% to $8.02 per share.

S&P/NZX50 settled the session at 11,636, reflecting a fall of 0.49%. The share price of Pacific Edge Limited (NZX: PEB) rose by 18.97% to NZ$0.690 per share. The stock of TruScreen Limited (NZX: TRU) soared by 16.92% to NZ$0.076 per share. On the other hand, Blackwell Global Holdings Limited (NZX: BGI) tumbled by 52.75% to NZ$$0.043 per share.

Recently, we have written some crucial information on Aspire Mining Limited (ASX: AKM), which could be beneficial for the market participants. Readers can view the content by clicking here.

Production at Nova Operation Surpassed the Guidance Range

IGO Limited (ASX: IGO) recently reported preliminary metal production for the period ended June 2020. As per the release, FY 2020 witnessed several challenges. This includes the devastation by bushfires as well as COVID-19 pandemic. At Nova, production of all metals managed to outpace guidance range. Nickel production was marginally higher than the top end of the range. However, copper as well as cobalt production were around 10 percent and approximately 20 percent higher, respectively.

In another update, the company announced that its wholly owned subsidiary IGO Newsearch Pty Ltd has executed a $7 Mn agreement with Matsa to earn 70 percent interest in the Symons Hill nickel project in Fraser Range. Also, Antipa Minerals Limited has also entered into a $30 million farm-in agreement with IGO over 1,563km2 tenements.

TPG Telecom Limited Announced the Implementation of Merger Scheme.

TPG Telecom Limited (ASX: TPG) recently notified the market that Brickworks Limited and its subsidiaries have become substantial holder in the company on 13th July 2020. TPG Corporation Limited and TPG Telecom Limited made an announcement that scheme of arrangement between TPM as well as its shareholders with regards to merger of TPM and TPG Telecom has been implemented.

Insurance Australia Group Limited Experienced Reduced GWP in FY20

Insurance Australia Group Limited (ASX: IAG) recently provided an update on its results for FY20, wherein, it expects to report a growth of ~1% in Gross written premium (GWP). The company added that the lower new business volumes have reduced GWP by ~$80 million from the period ranging from March to May 2020.


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