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Market close: ASX 200 finishes lower 0.4%

ASX 200
Credit: Cimexus

The S&P/ASX 200 Index (ASX: XJO) finished the day lower by 0.4% at the market close.

There was plenty to read about today. In positive news, some European countries and Australian states are now planning for a gentle lifting of some of the restrictions in place. Time will tell whether it’s too early, but it’s a good sign the we’re entering into the next phase.

Here are some of the ASX 200 highlights of the day:

Lynas Corporation Ltd (ASX: LYC) pleases

The share price of Lynas went up 4.5% today as the rare earth miner gave its quarterly activities report and gave an update about the temporary production halt at the Malaysian plant.

It finished the quarter with $124.6 million of cash and $91.2 million of invoiced sales revenue – both higher than the December 2019 quarter. It also saw improved production volumes despite production constraints.

In terms of the Malaysia plant, Lynas has applied for approval to operate and is awaiting the government’s decision.

Appen Ltd (ASX: APX) provides an update

WAAAX member Appen provided an update to the market today.

Based on the current information, Appen was happy to restate its 2020 forecast for full year underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to be between $125 million to $130 million. The company outlined a number of factors that may help or hinder the company this year.

However, management said the company was well positioned to weather this period with cash resources of over $100 million.

Continuing capital raisings

The capital raising market continues to buzz as companies carry out their capital raisings.

Funeral business InvoCare Limited (ASX: IVC) announced it had raised $200 million from institutions.

Bathroom business Reece Ltd (ASX: REH) has launched the retail element of its capital raising.

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As of 7/4/20

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended InvoCare 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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