The S&P/ASX 200 Index (ASX: XJO) went up another 1.5% as the Aussie share market continues to recover from the lows experienced just over a month ago.
Investors are seeing that Australia and the western economies are starting to open up again, which hopefully means the worst of the economic disruptions are over. But who knows how long the economic pain will be around for?
Here are some of the ASX 200 highlights from today:
Coles Group Limited (ASX: COL) share price drops
Coles released its third quarter trading update today. Supermarket revenue increased by 13.8% to $8.23 billion, with comparable growth of 13.1%. Total revenue rose by 12.9% to $9.23 billion with comparable growth of 12.4%.
However, the Coles share price fell by 4.4%. Coles said its expenses were also higher due to a broad range of issues like cleaning, security, extra staff, logistics and so on.
The high supermarket demand seems to have been short-lived. Coles said that in the first four weeks of the fourth quarter, which included Easter and ANZAC Day, supermarket comparable sales growth has broadly trended back to levels seen in the early part of the quarter before the coronavirus.
Big four ASX banks rise strongly
The share prices of the major banks rose strongly today.
The Commonwealth Bank of Australia (ASX: CBA) share price went up 4.2%.
The Westpac Banking Corp (ASX: WBC) share price increased by 5.2%.
The National Australia Bank Ltd (ASX: NAB) share price rose by 6.3%.
The Australia and New Zealand Banking Group (ASX: ANZ) share price grew by 6.1%.
After a long period of negativity, the market suddenly seems to be more optimistic about the banks despite introducing large provisions for upcoming economic pain due to the coronavirus.
New investor willing to gamble on Crown Resorts Ltd (ASX: CWN) shares
Private equity giant Blackstone has swooped in to acquire a stake of Crown. That made the entertainment giant the best performer in the ASX 200.
The Crown share price rose by almost 11% as it was announced that Blackstone had bought Melco Resorts & Entertainment’s 9.99% stake for $8.15 per share. It meant the exchange of 67.68 million shares between the two parties.
Is Blackstone lining up to do a takeover offer? Will James Packer want to sell his shares to a private equity firm? Only time will tell what happens next for the casino operator.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Crown Resorts 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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