The S&P/ASX 200 Index (INDEXASX: XJO) rebounded strongly on Tuesday after a number of solid corporate earnings reports. The ASX 200 closed 0.61% higher as some of the biggest ASX stocks rallied.
Perhaps the biggest sign of a bullish day was that all of the ASX industry sectors finished higher. The ASX Information Technology (+1.67%) and Communication Services (+1.02%) sectors led the gainers yesterday.
Here’s a recap of the biggest ASX news, events and movements that you missed on another big day of trade on Tuesday.
A good day for the WAAAX tech shares
The WAAAX group of tech shares climbed higher and led the Information Technology sector higher.
Appen Ltd (ASX: APX) led the way with a 4.49% share price gain on Tuesday while several others gained 2% or more.
Challenger share price leads the ASX winners
Challenger shares closed at $10.10 per share in a welcome day for shareholders of the under-pressure Financials stock.
The ASX investment group reported that group assets under management (AUM) rose 10% to $86 billion on Tuesday.
Normalised net profit before tax was up 3% to $279 million and total life sales were up 15% to $3.1 billion.
This is just the latest ASX 200 stock to surge higher on the back of strong earnings after a similar jump from JB Hi-Fi Limited (ASX: JBH) yesterday.
Beach Energy shares slump as Energy sector struggles
Beach Energy announced a strong underlying net profit after tax of $274 million. The company also updated its underlying earnings before interest, tax, depreciation and amortisation guidance to $1.275–$1.35 billion and lowered its FY20 production guidance to between 27 million barrels of oil equivalent (MMboe) and 28 MMboe.
That sent the ASX Energy group’s shares tumbling lower on Tuesday and is symptomatic of the Energy sector’s woes.
The S&P/ASX 200 Energy Index (INDEXASX: XEJ) is now down 4.98% in 2020 in a disappointing start to the year.
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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of Altium, Appen Ltd, and Xero. 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.