Thursday’s Top 10 Companies On The ASX

The S&P/ASX 200 registered its largest drop in two weeks to close 1.7 percent lower as more than half-a-million jobs were wiped out from the Aussie market alone coupled with the US Fed Reserve Chairman, Jerome Powell’s warning of a worst recession hitting the US not since WW2.

The large banks led the slump with Commonwealth Bank (ASX:CBA) fell 3.2 percent, National Australia Bank (ASX:NAB) and ANZ (ASX:ANZ) both down 2.6 percent and Westpac (ASX:WBC) losing 2.4 percent.

Energy giant Woodside Petroleum (ASX:WPL) declined 3 percent after US crude inventories fell for the first time since January.

The Mining sector gave a poor showing despite closing small gains yesterday with BHP Group (ASX:BHP) and South 32 (ASX:S32) both down 1.3 percent and 3.5 percent respectively.

Shaver Shop Group (ASX:SSG)
Shaver Shop jumped 27.9 per cent to 55¢ after its sales jumped 32.1 per cent for the six weeks to May 10 2020, as more consumers turned to DIY grooming driving sales of its products without much the need of unusual levels of discounting and promotional activity. As stated in its ASX announcement earlier today: ”In the weeks following Shaver Shop’s last trading update on 24 March 2020, online sales increased by 387% in the six weeks from 1 April 2020 to 10 May 2020 to represent approximately 43% of total sales over that period – more than offsetting the material sales decline experienced across its physical store network. Total sales increased 32.1% in the six weeks from 1 April 2020 to 10 May 2020 and have increased 17.6% so far in H2 FY20.”

Triton Minerals Ltd (ASX:TON)
According to Triton’s ASX announcements: “Triton notes that the change in the price of Triton securities and the significant increase in the volume of securities traded may also be prompted by increased investor confidence in the Company from previous announcements in March 2020 and April 2020. The Company has previously announced that its strategic partners had advised that business was returning to normal in China following the rapid Chinese response to COVID-19 and that the Board anticipated the acceleration of financing discussions in China and construction to commence in Q3 2020. In addition, the Chairman of the Company’s largest shareholder provided a strong message of support for the Company, expressing confidence in a very positive future for Triton.”

Cash Converters Intl Ltd (ASX:CCV)
Cash Converters has been featured two days in-a-row on the Top 10 Winners list – a testament of current trying times as COVID-19 continues to force a global lockdown of varying scales. This is a result of people dumping unwanted goods at home, as more are staying home due to work-from-home arrangements, thus they unearth more stuffs they have kept for “rainy days” but never materialised. As some are selling to redeem and sit on cash, others are looking to tighten their budget by bargain-hunting used wares in the stores.

Graincorp Ltd-A (ASX:GNC)
GrainCorp rallied 11.6 per cent to $3.67 after telling shareholders that net profit reached $388.3 million in the six months to the end of March, compared to a restated loss of $58.9 million in the previous year. This comes after positive results today, as citied in its ASX Announcement: “GrainCorp has reported a profit after tax of $388 million for the half-year ended 31 March 2020, reflecting a significant repositioning of the Group’s portfolio, including the sale of the Australian Bulk Liquid Terminals business and the successful demerger of United Malt. Underlying EBITDA was $183 million and underlying NPAT was $55 million, both up substantially on the prior corresponding period.”

Metals X Ltd (ASX:MLX)
Metals X is Australia’s largest tin producer, the owner of the Nifty Copper Operation and holds a portfolio of assets from exploration to development including the world class Wingellina Nickel-Cobalt Project. As China, who drives the global copper metal market, accounting for more than two-fifths of world demand in 2014, is gradually recovering from this pandemic, the demand for copper and copper production is slowing easing back to pre-COVID days.

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