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ASX 200 market close: Share market up 1.8%

The S&P/ASX 200 Index has ended up 1.8% today at the market close.

There are plenty of ASX shares that have soared in reaction to the news that a vaccine is showing very early promising signs. Investors love good news so share markets soared overnight and today the ASX has followed.

Some of today’s biggest ASX 200 movers

The Unibail-Rodamco-Westfield (ASX: URW) share price went up 11.4% today.

Worley Ltd (ASX: WOR) saw its share price jump by 9.6%.

The Nearmap Ltd (ASX: NEA) share price rose by 9%.

The oOh!Media Ltd (ASX: OML) share price grew by 8.6%.

COVID-19 conditions have caused cyclical and retail shares like shopping centres and businesses relating to advertising to be sold off. Today seems to have been a signal for some investors to jump into shares that have been most heavily affected. And something like Worley might benefit from the higher oil prices. 

James Hardie Industries plc (ASX: JHX) share price jumps

The James Hardie Industries plc (ASX: JHX) share price increased by 11.2% after announcing its result.

The compared reported group adjusted net operating profit of US$352.8 million for the full year, an increase of 17% compared to the prior corresponding period. Net sales of US$2.6 billion for the full year, this was an increase of 4% compared to last year.

Reported net profit increased by 6% to US$241.5 million. The ASX 200 share’s result was solid given the environment.

Tabcorp Holdings Limited (ASX: TAH) update

The ASX 200 gambling’s share price rose 2.5% today after giving an update.

Tabcorp said that it has secured agreements for a waiver of leverage and interest cover for the next two testing dates, but it won’t pay a final FY20 dividend.

It’s also in advanced discussions with its US private placement holders to obtain changes to existing covenants.

At 15 May 2020 it had $820 million of available liquidity of undrawn facilities and unrestricted cash. This compares to $749 million at 3 April 2020.

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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 and has recommended Nearmap Ltd. The Motley Fool Australia has recommended oOh!Media 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.

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