- During the week ended 11 September 2020, the benchmark index, S&P/ASX 200 (ASX:XJO) remained volatile and noted a drop of 1.4% on Friday to 5859.40 points.
- Despite the fact that majority of stocks followed suit and tumbled lower with the market, few ASX 200 listed entities pushed higher and noted remarkable growth in their share prices.
- ASX 200 listed stocks such as Nufarm, CLINUVEL, Vocus, Jumbo and Chorus managed to push higher and witnessed an uptick of 14.03%, 9.14%, 7.56%, 5.09%, 4.82%, respectively during the week ended 11 September.
- These ASX 200 listed stocks swept the market with their recent business developments and future outlook amid the wavering market spilled by the pandemic.
There has been a continuous uncertainty in the market since last few months period. Last week, the benchmark index, S&P/ASX 200 (ASX:XJO) remained volatile, tumbling down from 5,944.80 on 7 September 2020 to 5859.40 points on 11 September 2020. Further, XJO noted a drop of 1.4% during the week ended 11 September.
On 14 September, the same index was trading at 5,890.5 points, increasing by 0.53% (at AEST 12:09 PM).
Notably, an index performance is directly related to its constituents’ performance, indicating the fact that majority of the shares plunged during the last week.
However, few ASX 200 listed entities pushed higher and noted remarkable growth in their respective share prices primarily due to recent business developments and future outlook amid the wavering market spilled by the pandemic.
Let us quickly skim through few ASX 200 listed companies that had witnessed a remarkable increment in their respective share prices last week.
Nufarm Limited (ASX:NUF)
A crop protection and seed technologies company, Nufarm share price witnessed an increase of 14.03% (between 7 -11 September). Nufarm share price has managed to climb up due to robust demand for crop protection products as drought broke up with good follow up rainfall offering relief for farmers across the Australian and New Zealand regions. Notably, the Company has a boosted outlook for the summer cropping season.
Nufarm’s CFO exits the Company
On 14 September, Nufarm notified the market on the exit of its Chief Financial Officer, Paul Binfield, effective 31 December 2020.
Recently, Nufarm notified on estimated FY20 non-cash impairment and preliminary, unaudited earnings, wherein, the underlying group EBITDA for FY20 is expected to strike amid AU$290 - AU$300 million.
On 11 September 2020, the Nufarm share price surged by 2.093% and closed the day’s trade at AU$4.390. On 14 September, Nufarm share price was trading at AU$4.43, up by 0.911% (at AEST 12:56 PM).
CLINUVEL PHARMACEUTICALS LTD (ASX:CUV)
A global biopharmaceutical player, CUV noted an increment of 9.14% in its share price during the week ended 11 September 2020.
The catalyst for growth in CLINUVEL share price was the advancement of its drug SCENESSE® to treat a rare genetic disorder, xeroderma pigmentosum (XP), as announced on 10 September.
The Company is evaluating the role of SCENESSE® in cellular UV-induced DNA repair in rare disease XP, whose cure is not known at present.
Currently, the Company’s product, SCENESSE® is utilised for the treatment of erythropoietic protoporphyria, a rare genetic disorder.
Furthermore, the Company would apprise the market when the first XP-C patient would be administered with SCENESSE®.
By the end of the day’s trade on 11 September 2020, the shares increased marginally by 0.511% and stood at AU$21.620. However, on 14 September, CUV share price was trading down by 1.758% (at AEST 1:11 PM) at AU$21.24.
Vocus Group Limited (ASX:VOC)
A Telecommunication Services company, Vocus share price experienced a rise of 7.56% during the week ended 11 September.
Boosted Vocus share price during last week was driven primarily by numerous positive business announcements, which are as follows:
- On 11 September, Vocus was recognised and awardedInnovation Award (Large Company) in the ACOMM Awards for the leading expertise and experience it possesses in specialist fibre and innovative network services as well as delivery of extensive submarine cable projects.
- On 10 September, Vocus in partnership with Optus Wholesale launched a flexible wholesale mobile solution for its Australian wholesale customers, offering them the capability to customise plans for 3G and 4G data, mobile broadband, voice, SMS, as well as fixed line back up services.
- On 7 September, Vocus was also chosen as the new Commonwealth Telecommunications Marketplace (TMP), empowering Vocus to tender for services to Government agencies under an extended remit of eight categories namely - Unified Communications, Data Carriage, Managed WAN, Internet Carriage, Satellite Carriage Voice Carriage, Dark Fibre, and Common Services.
By the end of the day’s trade on 11 September 2020, the Vocus share price increased marginally by 0.817% and stood at AU$3.700. Keeping the momentum alive, Vocus share price was trading up by 1.622% (at AEST 1:19 PM) at AU$3.76.
Jumbo Interactive Limited (ASX:JIN)
A Company operating in the digital lottery retail industry, Jumbo Interactive noted swelled share price of 5.09% (amid 7-11 September). The increment in its share price was continuously triggered by enlarged demand, continuous uptake of its products amid COVID-19.
Furthermore, the Company, which is focused on growth opportunities both in the domestic, as well as foreign market announced a change in its leadership team and appointed Ms Susan Forrester as a Non-Executive Director and Chair of the Board of Directors, effective 7 September 2020.
Must read; How JIN Performed in the COVID-19 pandemic?
On 11 September 2020, the Jumbo Interactive share price closed the day’s trade at AU$14.650, indicating a rise of 6.159%. However, on 14 September, Jumbo share price decreased by 2.184%, and was trading at AU$14.33 (at AEST 1:24 PM).
Chorus Limited (ASX:CNU)
A dual listed (both on ASX and NZX) telecom infrastructure provider, Chorus share price rose on ASX and witnessed a rise of 4.82% during the week ended 11 September.
Amid the resurgence COVID-19 pandemic, the stock market drew the attention of the market participants to companies such as Chorus.
Furthermore, Chorus’ continued focus on implanting long-term growth opportunities and plans of launching a new peering service in the first half of FY21, in conjunction with the New Zealand Internet Exchange is also contributing to the inflation in the share price of the Company.
On 11 September 2020, Chorus share price closed the day’s trade at AU$8.250, indicating a fall of 1.079%. However, on 14 September, Chorus share price was trading up by 2.061% (at AEST 1:38 PM), at AU$8.42.