The S&P/ASX 200 Index (ASX: XJO) initially started in the red. But it rebounded and finished the day higher by 1.4%.
Australia and other major economies get a little closer to more normal life with some restrictions start to lift. However, the economic pain is still there.
Here are some of the highlights from the ASX 200 and a smaller share:
Westpac Banking Corp (ASX: WBC) reports
One of Australia's biggest ASX 200 banks reported its result today. It was painful viewing for shareholders.
Statutory net profit was down 62% to $1.19 billion. Cash profit was down 70%. Even after excluding notable items, profit was down 44% to $2.28 billion.
The board of Westpac decided to defer the dividend decision for another time, just like Australia and New Zealand Banking Group (ASX: ANZ) did.
Westpac's CET1 ratio was 10.8% at the end of the period.
Adairs Ltd (ASX: ADH) sees soaring online sales
Adairs gave a trading update for the 5-week store closure period to 3 May 2020. It's planning to progressively re-open stores.
The furnishings business was one of the ones that have shut all of its stores to lower costs. That's why total Australian sales were down 37% for the period compared to last year. Pleasingly, Mocka Australia sales were up 151% compared to last year.
But online sales were up 221% with customers still wanting to get their quality products.
Adairs said it has registered for and expects to be eligible for jobkeeper. Negotiations with landlords are ongoing.
There are no current requirements or plans to increase debt facilities or raise capital.
Transurban Group (ASX: TCL) sees traffic stabilising
Transurban released another market update today. Looking at the week of 26 April 2020, total traffic was down 44%, compared to a 48% fall for the week of 29 March 2020.
Thankfully commercial traffic continues to hold up well for the ASX 200 infrastructure share, it was only down 16% in the latest week and made up 41% of total revenue.
A large return of traffic will depend on future government decisions and responses.
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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 Transurban Group. 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.
