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ASX 200 rises again, ASX banks push higher

ASX 200
Credit: Cimexus

The S&P/ASX 200 Index (ASX:XJO) went higher today to 5,851 points.

The Reserve Bank of Australia (RBA) continues to be a cautious voice on the economy. But Dr Lowe does see that things are looking better than perhaps was expected compared to a very negative scenario.

ASX 200 banks continue to push the index higher

The heavy lifting in the ASX 200 is being done by the banking sector.

Bendigo and Adelaide Bank Ltd (ASX: BEN) did actually provide its quarterly update today which included a provision for the COVID-19 impacts of $148.3 million.

The Bendigo Bank share price went up by 4.1% today.

The rest of the ASX 200 banking sector also had a very solid day, though the ending gains were lower than earlier in the day. Investors are becoming more positive on the banks. 

The Commonwealth Bank of Australia (ASX: CBA) share price rose by 2.2%.

Westpac Banking Corp’s (ASX: WBC) share price went up by 4.4%.

The National Australia Bank Ltd (ASX: NAB) share price climbed 4.75%.

The Australia and New Zealand Banking Group (ASX: ANZ) share price rose by 4.5%.

Blackmores Limited (ASX: BKL) returns to trade

The ASX 200 vitamin business returned to trading on the ASX today after going into a trading halt yesterday to announce a capital raising.

Blackmores is using the money to strengthen the balance sheet, accelerate Asian growth and pay for an efficiency program.

The Blackmores share price ended the day higher by 3.25%.

Nearmap Ltd (ASX: NEA) rockets

The share price of Nearmap rocketed today. It went up 16.7% as the aerial imaging company gave a trading update.

The ASX 200 business said that its annualised contract value (ACV) Is now more than $104 million at the current exchange rate between the Australian dollar and the US dollar. Customer churn has also fallen to less than 10% on a rolling 12 month basis.

The company also announced that it has launched Nearmap AI.

Finally the company said that thanks to cost cutting measures it is on course to be cash flow breakeven by the end of FY20.

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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. 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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