At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course for a strong start to the week. The benchmark index is up 1.2% to 5,454 points at the time of writing.
Here's what has been happening on the market today:
Big banks push higher.
The big four banks are doing their part today, with three of the four pushing higher on Monday. The best performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a gain of 0.8%. The easing of lockdown restrictions appears to be lifting the banks and the market as a whole today.
Cochlear sales fall 60% in April.
The Cochlear Limited (ASX: COH) share price is pushing higher despite revealing a sharp decline in sales. During the month of April, sales revenue across the Cochlear business fell by ~60% on the prior corresponding period. The sales of cochlear and acoustic implants were the most severely affected. Management also revealed that it is cash flow negative at present, but expects its strong liquidity position to be sufficient to navigate the crisis.
Suncorp updates the market.
The Suncorp Group Ltd (ASX: SUN) share price is charging higher after the release of a trading update. The banking and insurance giant revealed that its insurance business has been both positively and negatively impacted by the pandemic. It has been negatively impacted by landlord loss of rent claims, but positively impacted by lower motor claims. Elsewhere, management notes that the company is currently well capitalised, with capital levels in excess of what is required to cover the expected deterioration due to the pandemic.
Best and worst ASX 200 performers.
The Webjet Limited (ASX: WEB) share price has been the best performer on the ASX 200 today with a 22% gain. Investors appear optimistic that the easing of lockdowns will lead to a recovery in travel bookings. The worst performer has been the Graincorp Ltd (ASX: GNC) share price with a 4% decline. This follows news that China is threatening to slap an 80% import tax on Australian barley.
NEW! 5 Cheap Stocks With Massive Upside Potential
Our experts at The Motley Fool have just released a FREE report detailing 5 shares you can buy now to take advantage of the much cheaper share prices on offer. One is a diversified conglomerate trading 40% off it's all time high, all while offering a fully franked dividend yield of over 3%… Another is a former stock market darling that is one of Australia's most popular and iconic businesses. Trading at a significant discount to its 52-week high, not only does this stock offer massive upside potential, but it also trades on an attractive fully franked dividend yield of almost 4%.
Plus, this free report highlights 3 more cheap bets that could position you to profit in 2020 and beyond.
Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares.
But you will have to hurry because the cheap share prices on offer today might not last for long.
Returns as of 7/4/2020
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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.
