The ASX 200 (INDEXASX: XJO) was very volatile today. It started in the red quite negatively and finished up 3.1%.
Investors were concerned by the coronavirus but then came details of the US plan to help its economy. We also learned a little more about Australia's plan with Prime Minister Scott Morrison speaking at the Australian Financial Review Summit.
Here are some of the highlights today:
Qantas Airways Limited (ASX: QAN) makes more cuts
Qantas gave an update about its coronavirus response this morning.
The airline said that it would make further cuts to its international flying, reducing capacity by almost 25% for the next six months. The biggest reductions remain focused on Asia, now down 31%, but Qantas has also reduced US capacity by 19%, the UK capacity has been reduced by 17% and the Trans-Tasman capacity has been reduced by 10%.
Qantas said that it has low debt levels with $1.9 billion of cash.
For the remainder of FY20, the Qantas Chairman will take no fees, the CEO will take no salary, the Board will take a 30% reduction in fees and the management will take a 30% reduction in fees.
Tyro Payments Ltd (ASX: TYR)
Tyro gave a trading update after the market had closed yesterday which gave us somewhat of an insight into how the economy was going in the first three months to date, but it also shows us how well Tyro is progressing.
In January it saw a 27% increase in transaction value, in February it saw a 30% rise in transaction value and in March it saw an 18% rise in transaction value.
The Tyro share price ended 1% higher after today's volatility.
ASX tech shares lead the way
It was a strong day for many of the shares that fell the most yesterday. Technology companies were some of the best performers today.
The Afterpay Ltd (ASX: APT) share price went up by 7%.
The Altium Limited (ASX: ALU) share price rose by 2.6%.
The WiseTech Global Ltd (ASX: WTC) share price increased by 5.7%.
The Xero Limited (ASX: XRO) share price climbed 6.25%.
The Appen Ltd (ASX: APX) share price went up by 5.5%.
