The S&P/ASX 200 Index (ASX: XJO) has entered into positive territory again today after suffering further losses yesterday.
Here we look at 3 ASX 200 shares that have seen strong share price rises today.
Corporate Travel Management Ltd (ASX: CTD)
Corporate Travel shares are up by a massive 21% today at the time of writing, which follows an increase of 2.7% yesterday, and 19.4% last Friday. Bargain hunters appear to be entering the market after heavy falls in recent weeks, driven by the Australian's government progressive decisions to restrict all non-essential travel including business.
The Corporate Travel share price has performed far better in recent days that some of its ASX travel sector peers such as Webjet Limited (ASX: WEB) and Flight Centre Travel Group Ltd (ASX: FLT). I believe investors have taken a bit of comfort in Corporate Travel's market update last Friday, when it noted that its liquidity position remains strong and it has no current requirement to raise any equity at this stage.
Ansell Limited (ASX: ANN)
Ansell shares are up by 5% so far today, although this increase does come on the back of falls over the 4 previous trading days. Having said that, Ansell's share price has fared better than most over the past few weeks, due to its position within the healthcare product supply space.
There has been increased demand for some its products over the past few weeks as the coronavirus pandemic intensifies across Australia. Ansell produces face masks, protective gloves and respirators, all of which can be used in the fight against the coronavirus. These products are very likely to face increased demand over the next few months. Ansell has developed a strong track record of developing new products and technologies over the past few years.
Challenger Ltd (ASX: CGF)
Financial services company Challenger has seen a strong 18% growth in its share price today, however this comes on the back of heavy losses over the past few weeks. Since the start of the market correction on 20 February, the company's share price has fallen from $10.38 to $3.51, a sharp decline of 66%.
One of the main challenges that Challenger is facing is getting an adequate return on investment from its core annuity product. This product takes upfront deposits from investors in return for guaranteeing a fixed stream of pension income. However, with the Reserve Bank of Australia recently cutting the cash rate to a new record low of 0.25%, the return that Challenger is getting on cash to underpin returns to investors is very low. Likewise, it is getting a low return on alternative investments for this annuity product such as corporate and government bonds and shares. Its high share price rise today appears to be bargain hunters entering the market.
