The S&P/ASX 200 Index (ASX: XJO) has seen another strong day of gains, with solid share price rises across the board as the market moved higher in late trading to be up 4.69% at the time of writing.
Here are 3 ASX 200 shares that have seen particularly strong share price rises today.
JB Hi-Fi Limited (ASX: JBH)
JB Hi-Fi shares are up by 9.10% at the time of writing, and although the electronic retailer’s share price has fallen from $39.62 to $26.50, it has fared better than many other retailers over the past few weeks. While all its Australian stores still remain open, JB Hi-Fi’s New Zealand stores have been temporarily closed due to stage 4 country-wide restrictions, forcing all New Zealanders to self isolate.
JB Hi-Fi has seen a surge in demand in recent weeks for essential office and home supplies such as laptops and PCs as more people are forced to work from home. I think that the demand for these types of products will only continue in the months ahead.
While a large proportion of JB Hi-Fi’s sales come from its physical stores, JB Hi-Fi does have a well developed online purchasing and delivery facility, positioning it in a relatively better position to ride out the coronavirus crisis than some retailers with less advanced online strategies such as Harvey Norman Holdings Limited (ASX: HVN). Online sales for a number of its products are expected to see high demand over the next few months.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
Shares in New Zealand-based Fisher & Paykel Healthcare have seen a strong 8.73% rise today (at the time of writing) and this is on top of relatively solid share price performance since the ASX market correction began on 20 February.
Fisher & Paykel designs and manufactures a range of products used to treat respiratory illnesses, and is playing a vital role in the fight against the coronavirus, through the supply of its respiratory humidifiers and consumables.
The healthcare product provider continues to see an increase in demand globally for these products and, as a consequence, has significantly increased its manufacturing output in order to try to keep up with market demand.
Ramsay Health Care Limited (ASX: RHC)
Ramsay has seen a 10.26% rise in its share price today after experiencing some high share price volatility over the past few days.
Over the short term, Ramsay will be impacted by the cancellation of non-elective surgeries, however I see the healthcare provider playing an increasingly important role in the coronavirus crisis, as hospital beds globally become in short supply.
On 26 March, Ramsay confirmed that it was in discussions with federal and state governments in Australia regarding what it support it is able to provide as part of the government’s COVID-19 response.
In addition, it is understood that private hospitals have been in further talks with the government in recent days to work out a plan about how they can play a more active role in the crisis.
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Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care 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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