The Motley Fool

ASX 200 finishes 5.5% higher

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.

Earlier today Virgin Australia Holdings Ltd (ASX: VAH) announced further capacity reductions. The share price ended 14.5% higher.

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.

Other updates

Healthcare business Cochlear Limited (ASX: COH) announced a capital raising to enhance its liquidity.

The Nufarm Limited (ASX: NUF) share price rose by 18.5% after handing in its result.

The share price of Reliance Worldwide Corporation Ltd (ASX: RWC) rose by 11.5% after the company released an update.

The Tyro Payments Ltd (ASX: TYR) share price jumped 34% after giving a trading update.

These top ASX shares could be among the next stocks to jump higher.

5 “Bounce Back” Stocks To Tame The Bear Market (FREE REPORT)

Master investor Scott Phillips has sifted through the wreckage and identified the 5 stocks he thinks could bounce back the hardest once the coronavirus is contained.

Given how far some of them have fallen, the upside potential could be enormous.

The report is called 5 Stocks For Building Wealth after 50, and you can grab a copy for FREE for a limited time only.

But you will have to hurry — history has shown the market could bounce significantly higher before the virus is contained, meaning the cheap prices on offer today might not last for long.

See the 5 stocks

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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Related Articles...

Latest posts by Tristan Harrison (see all)