With the S&P/ASX 200 Index (ASX: XJO) up strongly by 4% today at the time of writing, here are three ASX 200 shares that have performed particularly well, with their share prices all up by over 10%.
Qantas Airways Limited (ASX: QAN)
Qantas shares are up by a massive 25% so far today. This comes after several weeks of heavy losses which has seen our national airline carrier suspend all of its regularly scheduled international flights due to the dramatic reduction in passenger numbers as a result of the coronavirus outbreak.
Only 24 hours ago, the Australian government banned all non-residents from entering Australia, effective from 9pm today. Qantas will also stand down up to 20,000 of its 30,000 staff temporarily, as it deals with the fallout of a massive hit to its cash flows while the crisis continues.
I think that the strong rise in the Qantas share price today is due to bargain hunters entering the market after heavy recent falls, and confidence in Qantas management for taking the difficult but necessary move to lay off workers to keep the airline viable. In addition, investors may be feeling more confident after it was announced that the Australian airline industry would receive a $715 million rescue package.
National Australia Bank Ltd. (ASX: NAB)
The NAB share price is up by a very strong 12% today at the time of writing. Meanwhile, Westpac Banking Corp (ASX: WBC) has seen an equally strong share price rise of 12%, Australia and New Zealand Banking Group (ASX: ANZ) is not far behind with a 10% rise, and the Commonwealth Bank of Australia (ASX: CBA) share price is up 4%.
Investors may be experiencing a bit of an uplift in confidence after the Reserve Bank lowered interest rates to a historic low of 0.25% yesterday. There also appears to be more investors taking advantage of very cheap share prices as the dividend yields of our big four banks are now looking very attractive.
The National Australia Bank share price has been hit particularly hard in recent weeks, so it's not surprising that it is one of the top performers amongst the big four banks today.
Domino's Pizza Enterprises Ltd. (ASX: DMP)
Domino's has been another top performer on the ASX today, with its share price up by 12% at the time of writing. Like many ASX shares, Dominos share price has been highly volatile recently. However, it has actually fared slightly better than most companies, with its share price falling around 20% since the current market slide took hold in February.
I think that Domino's is the best placed out of the fast-food chains with respect to the coronavirus outbreak, with very few sit-down restaurants in Australia, a very well developed delivery strategy and a sophisticated pick-up service via an app that precisely times the pickup time for customers, minimising the time that customers have to spend in stores.
Additionally, Domino's is prepared to move to 100% zero contact ordering and home delivery in the near future, if required.
