The ASX recorded a 5th straight day of gains on Monday in a bright start to the week.
It was a mixed bag in terms of ASX industry sector performance on the markets yesterday. Consumer Discretionary (-0.64%) and Communication Services (-0.49%) struggled, while ASX Materials (+1.13%) led the way.
Here’s a recap of the all the news, announcement and events that you missed on another big day of trade in Aussie equities.
1. Silver Lake share price rockets after strong quarterly report
During the December quarter, Silver Lake produced 68,619 ounces of gold and 691 tonnes of copper in a record performance. Investors were also pleased with the updated FY20 sales guidance provided by the group yesterday.
Silver Lake is forecasting full-year production of 240,000 ounces and 250,000 ounces of gold equivalent. This is up from its previous guidance of 215,000 ounces to 230,000 ounces.
The group’s all-in sustaining cost (AISC) has also been lowered to A$1,300–1,350 per ounce, down from A$1,375 –1,450 per ounce.
2. ASX 200 health insurers hammered on Monday
The news wasn’t so good for investors in ASX 200 health insurance shares on Monday, with NIB Holdings Ltd (ASX: NHF) tanking.
The nib share price plummeted 12.69% as the health insurer lowered its FY20 guidance figures. nib had previously expected underlying operating profit of at least $200 million, but that was revised back to $170 million yesterday.
Investors sold down their nib shares following the news on the back of claims inflation across the business. It was a similar story for Medibank Private Ltd (ASX: MPL) shares, which fell 2.42% yesterday.
The ASX health insurer was hammered on Monday as investors feared an increased claims expense trend across the industry.
3. Kogan share price slumps as FY20 looks a little bleaker
The Kogan.com Ltd (ASX: KGN) share price had a Monday that the ASX retailer would likely want to forget.
Kogan shares closed down an astonishing 22.17% at $6.18 per share yesterday after a disappointing first half update. Kogan’s gross sales and gross profit grew by 16% and 9%, respectively, on 1H 2019 numbers. However, that result disappointed investors in the Aussie retailer who headed for the exits in yesterday’s trade.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd and NIB Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.