The S&P/ASX 200 Index (ASX: XJO) finished today 5.5% higher as investors gained confidence.
The ASX followed the US market higher, the S&P 500 Index (INX) increased by 9.4% overnight. There was a late surge on talk that the US stimulus package had been agreed.
As you may be able to guess, whilst the market moved up 5.5%, there were some very large positive movements today:
The Afterpay Ltd (ASX: APT) share price climbed another 33.8%.
The Aristocrat Leisure Limited (ASX: ALL) share price rose by 22.2%.
The Resolute Mining Limited (ASX: RSG) share price also increased by 22.2%.
The Breville Group Limited (ASX: BRG) share price grew by 19.6%.
Qantas Airways Limited (ASX: QAN) gets some more liquidity
Australia’s biggest airline announced today that it had completed a new round of debt funding, securing $1.05 billion in additional liquidity to strengthen its position during the coronavirus outbreak.
The debt was secured against some of its aircraft. The loan has a tenure of up to 10 years at an interest rate of 2.75% with no financial covenants.
Qantas said its net debt position remains at the low end of its target range at $5.1 billion.
Funeral providers sink
The share prices of InvoCare Limited (ASX: IVC) and Propel Funeral Partners Ltd (ASX: PFP) dropped 12.1% and 5.2% respectively after giving a market update in relation to the recent announcement on rules relating to funerals.
Both businesses warned that there would be a financial impact, at least in the short-term, though they were unable to quantify that at the moment because of the scale of the changes. They won’t quite be able to offer their full range of services.
These top ASX shares could be among the next stocks to jump higher.
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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd., Reliance Worldwide Limited, and Tyro Payments. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Cochlear Ltd., InvoCare Limited, Propel Funeral Partners Ltd, and Reliance Worldwide Limited. 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.
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