ASX 200 closes higher, banks keep rising

The S&P/ASX 200 Index (ASX:XJO) closed higher today, with the banks like Commonwealth Bank of Australia (ASX:CBA) pushing the ASX up.

Tristan Harrison

Author Bio Tristan Harrison has a decade of experience as an ASX share investment writer and was previously a business, tax and audit accountant for seven years. Tristan has contributed to The Motley Fool since October 2016. He has an advanced diploma from the Association of Accounting Technicians and is currently enrolled in the Chartered Institute Management Accountant (CIMA) program. Tristan's goal is to help Australians learn about great ASX shares that can help grow their portfolio, wealth and dividends over the long-term. Areas of Expertise ASX dividend shares and passive income strategies ASX growth shares and ETFs Business and company financial analysis Franking credits and personal tax topics Personal finance Education Advanced diploma from the Association of Accounting Technicians Enrolled in the Chartered Institute Management Accountant (CIMA) program Social Media X/Twitter Favorite Investment Quote "Live within your income and save so that you can invest." — Charlie Munger

Published June 5, 2020 4:59 pm AEST

What happened today on the ASX?

The S&P/ASX 200 Index (ASX: XJO) closed higher today, with the ASX banks pushing higher.

The ASX 200 keeps going higher despite an initial wobble this morning. The Australian dollar keeps rising as well.

Here are some ASX highlights from today:

ASX banks pull the index higher

The ASX may have finished in the red if it weren't for the continued positive movements by the major ASX 200 banks. It has been a huge week for them.

Today we saw the Commonwealth Bank of Australia (ASX: CBA) share price rise 1.9%, the Westpac Banking Corp (ASX: WBC) share price rose by 3.4%, the Australia and New Zealand Banking Group (ASX: ANZ) share price went up 2.9% and the National Australia Bank Ltd (ASX: NAB) share price went up nearly 3%.

Kogan.com Ltd (ASX: KGN) shoots the lights out

The online retailer is seeing an astonishing amount of growth in the final quarter of FY20. The Kogan.com share price rose 8.6%, so it's well on its way to entering the ASX 200 this year.

Today it said it added another 126,000 active customers in May 2020, bringing the total to 2.074 million at the end of last month.

So far in the fourth quarter of FY20, gross sales and gross profit have grown by more than 100% and 130% respectively. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) has risen more than 200%.

The company finished with $58.6 million of cash and $26 million of debt at the end of May 2020.

New Hope Corporation Limited (ASX: NHC) delayed again

The ASX 200 coal miner announced today that the High Court of Australia has granted Oakey Coal Action Alliance Inc (OCAA) special leave to appeal the orders of the Queensland Court of Appeal which were made on 1 November 2019.

New Hope said that OCAA isn't challenging findings on groundwater or any other environmental issue that is relevant to any decision being made by the government. This is why the company thinks the Queensland state government should immediately approve the New Acland Stage 3.

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