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Market closes down: ASX 200 erases early gains

The S&P/ASX 200 Index (ASX: XJO) finished 0.1% lower today. The ASX 200 was initially up more than 1% but gave up those gains as disappointing economic data came out.

According to reporting by the AFR, the services index almost halved while the manufacturing index wasn’t far off a 10% decline. If it weren’t for the iron ore sector, Australia might be in an even more difficult position.  

Here are some of the highlights from the ASX 200 today:

Lynas Corporation Ltd (ASX: LYC) share price jumps

Lynas provided some rare good news during this pandemic. After the market closed yesterday it announced it had been selected by the US Department of Defensive for phase 1 of the US heavy rare earth Separation Facility.

The company said that the funding provided will mean Lynas and Blue Line can complete detailed planning and design work for the construction.

Successful completion of facilities may leader to further contracts for commercial scale production and operation of a facility, but this isn’t guaranteed.

It was the top performer in the ASX 200 today.

Ramsay Health Care Limited (ASX: RHC) share price falls

The Ramsay share price dropped almost 6% today after the private hospital operator came out of its trading halt due to the capital raising.

It announced this morning that it had successfully completed its institutional placement of $1.2 billion at a price of $56 per new share.

The idea of the capital raising is that it will strengthen the balance sheet and liquidity position to ensure stability and so that it can continue to pursue its long-term growth objectives.

It was one of the worst performers in the ASX 200. 

Oil bounces back

There is a long way to go before the oil price is back to normal. The brent crude oil price has increased around 7.5% over the past day.

This is obviously good news for the ASX 200 oil producers. Within the top ASX 200 performers was the Santos Ltd (ASX: STO) share price which climbed by 6.8%. Santos also came out with its production update

Other oil gains included the Woodside Petroleum Limited (ASX: WPL) share price which rose 2%, the Oil Search Limited (ASX: OSH) share price which grew 3.7% and the Beach Energy Ltd (ASX: BPT) share price which climbed 5.7%.

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Returns as of 7/4/2020

Motley Fool contributor Tristan Harrison 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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