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Pre-Easter hunting by investors, ASX 200 ends 3.5% higher

The S&P/ASX 200 Index (ASX: XJO) was awash with pre-Easter share bargain hunters.

On Thursday, the ASX’s main index finished higher by almost 3.5%. A strong performance considering the market has been steadily climbing over the past two weeks.

What were some of the highlights today?

Strong gains for unloved shares

Some of the shares that had been hit the hardest during over period have been some of the strongest performers today within the ASX 200.

The Perenti Global Ltd (ASX: PRN) share price grew 27.6%.

The oOh!Media Ltd (ASX: OML) share price climbed almost 20% on speculation of a potential takeover.

The share price of Southern Cross Media Group Ltd (ASX: SXL) rose by 18.2%.

The Boral Limited (ASX: BLD) share price went up 12.7%.

The Credit Corp Group Limited (ASX: CCP) share price climbed 11.7%.

A strong quarter for a popular fintech

Netwealth Group Ltd (ASX: NWL) reported its quarterly numbers today.

It said that it experienced record funds under administration (FUA) flows of $3.2 billion for the March 2020 quarter. However, due to the tough share market, FUA declined by $0.6 billion to $27.9 billion.

Funds under management (FUM) net inflows for the quarter of $1.5 billion were somewhat offset by negative market movements of $0.9%, resulting in FUM of $6.3 billion at 31 March 2020.

The share price rose by 4.4%.

More capital raisings

The discounted capital raisings continue, which some investors feel may be great opportunities if they’re cheap enough.

Today we learned that G8 Education Ltd (ASX: GEM) plans to raise $301 million to provide liquidity and financial flexibility. Retail investors are being allocated $79 million of the raising.

Real estate business Centuria Industrial Reit (ASX: CIP) is another one that’s looking to raise capital. It’s aiming to raise $140 million in total.

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As of 7/4/20

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 Netwealth. 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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