The S&P/ASX 200 Index (ASX: XJO) climbed an impressive 4.3% today to 5,287.80.
What was the cause of this impressive gain? Well, investors are hoping that the fall in infection numbers in Australia means that there could be light at the end of the tunnel.
According to the official statistics, Australian cases only grew by 2% to 5,795 – a rise of 104 cases. There were five deaths today, making the total 40 deaths since the outbreak started.
More capital raisings
Travel agent company Flight Centre Travel Group Ltd (ASX: FLT) announced its capital raising to the market today.
It is raising $700 million comprising around a $282 million institutional placement and around a $419 million entitlement offer.
Flight Centre also announced a $200 million increase from existing lenders. It also confirmed various initiatives to reduce annual expenses by $1.9 billion to just $65 million a month.
Airport business Auckland International Airport Limited (ASX: AIA) announced its own capital raising today.
Auckland Airport is raising up to NZ$1.2 billion with expectations that the negative impacts will be here with some time. It has also managed to achieve covenant waivers from its lenders. It remains committed to completing a number of infrastructure projects.
Bathroom business Reece Ltd (ASX: REH) was another to announce a capital raising. It said it was looking to raise $600 million to strengthen its balance sheet even though it said it performed strongly in the March quarter. Some of the cash will be used to accelerate its growth.
The Wilson family will subscribe for $170 million of shares as part of the capital raising.
The biggest movers
At the green end of the ASX:
The share price of Corporate Travel Management Ltd (ASX: CTD) went up 16.7%.
The share price of Pilbara Minerals Ltd (ASX: PLS) grew 16.7%.
The share price of Hub24 Ltd (ASX: HUB) climbed 16.5%.
At the red end of the ASX:
The share price of Webjet Limited (ASX: WEB) fell 8.9%
The share price of Nextdc Ltd (ASX: NXT) dropped 4.6%.
The share price of Idp Education Ltd (ASX: IEL) fell 3%.
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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 Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. The Motley Fool Australia has recommended Hub24 Ltd. 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.
