The S&P/ASX 200 Index (ASX: XJO) rose by another 1.6% today, adding to yesterday's gain.
It was a day of conflicting news. On the one hand we learned that construction is slumping, new car sales dropped 49% in one month and the ABS said that around 1 million jobs have been lost over the past five weeks. But Australia is also heading towards the lifting of some restrictions. This could boost the share market.
Here are some of the highlights from the ASX 200:
Qantas Airways Limited (ASX: QAN) provides another update
Australia's leading ASX 200 airline has provided another update today.
The airline said that it was extending its flight cancellations to June and July. Those schedules were still at pre-coronavirus levels.
It has secured another $550 million of debt funding against its aircraft. It said that it has a strong cash balance and has managed to achieve a lower cash burn rate.
Qantas has the ability to restore some services at relatively short notices if interstate and Trans-Tasman restrictions lessen.
The Qantas share price rose over 1% today.
Collins Foods Limited (ASX: CKF)
Collins Foods was one of the top-performing ASX 200 shares today. Its share price climbed 11.5%.
The fast food business said that whilst same store sales (SSS) had fallen quite heavily in the European markets, KFC Australia SSS were only down 0.9% and excluding food court SSS, Australia KFC sales had actually increased by 4%.
Taco Bell has also seen sales return to pre-coronavirus levels.
Australian drive-thru and home delivery channels seem to have been key for helping Collins Foods continue to perform well during this period.
James Hardie Industries plc (ASX: JHX)
James Hardie was another of the top ASX 200 performers on the share market today. The share price rose almost 5%.
It gave an update and refined its FY20 guidance. It said in the fourth quarter of its FY20 it achieved double digit volume growth in North America and strong revenue growth in Europe. But there were higher costs too.
The company has narrowed its previous profit guidance from a range of US$350 million to US$370 million to a range of US$350 million to US$355 million, an increase from last year's US$301 million.
The company has suspended dividends and lowered its expected capital expenditure for FY21 to be between US$80 million to US$95 million.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods 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.
