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ASX 200 update: Big four banks charge higher, CSL reaffirms guidance

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to finish the shortened week on a high. At the time of writing the benchmark index is up 1.75% to 5,298.6 points.

Here’s what has been happening on the market today:

Big four bank shares rebound.           

Australia’s big four banks have all rebounded on Thursday and are doing a lot of the heavy lifting. At lunch all four banks are notably higher, but the best performer is the Australia and New Zealand Banking Group (ASX: ANZ) share price with a gain of 3.5%. Investors appear to believe that recent share price weakness is a buying opportunity.

CSL COVID-19 update.

The CSL Limited (ASX: CSL) share price is pushing higher today after providing an update on how COVID-19 is impacting its business. While the biotherapeutics company acknowledges that plasma collections are likely to be impacted, it is aiming to mitigate this with a number of initiatives. CSL also revealed that demand for its products remains strong, which means it is on track to achieve its FY 2020 earnings guidance.

oOh!Media takeover speculation.

The oOh!Media Ltd (ASX: OML) share price is rocketing higher today amid speculation it is a takeover target. This follows an announcement which reveals that rival HT&E Ltd (ASX: HT1) has been buying the media and outdoor advertising company’s shares. According to the release, HT&E has snapped up 11 million shares in oOh!Media. This is the equivalent of 1.8% of its shares outstanding.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the oOh!Media share price with a 20% gain. Close behind it with a 19.5% gain is the Perenti Global Ltd (ASX: PRN) share price. The engineering company’s shares are rocketing higher despite there being no news out of it. The worst performer on the index is the Whitehaven Coal Ltd (ASX: WHC) share price with a 4% decline. This morning Macquarie downgraded the coal miner’s shares to a neutral rating with a $2.10 price target.

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Returns as of 7/4/2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended oOh!Media 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.

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